The financial services firm Western Union has announced that its upcoming stablecoin settlement system will utilize the Solana blockchain.
This was revealed during the company’s third-quarter earnings call last week. The stablecoin system will feature the US Dollar Payment Token (USDPT) and the Digital Asset Network, developed in collaboration with Anchorage Digital Bank, as Western Union stated on Tuesday.
The company anticipates that USDPT will be launched in the first half of 2026, enabling customer access through partner exchanges to enhance accessibility, akin to the PayPal USD (PYUSD) stablecoin available on Binance and other platforms.
Additionally, the Digital Asset Network aims to function as a cash off-ramp for the remittance service’s more than 150 million customers across over 200 countries and territories.
During the Money 20/20 USA conference in Las Vegas on Tuesday, Western Union CEO Devin McGranahan mentioned that his team evaluated various alternatives and deemed Solana the “right choice” for creating a stablecoin platform suitable for institutions.
“For 175 years, we’ve been connecting people, moving $150 billion a year. Digital assets is the next evolution.
We looked at alternatives, and came to the conclusion that Solana was the right choice.”
– Devin McGranahan, CEO, Western Union pic.twitter.com/8ni2b47ktk
— Solana (@solana) October 28, 2025
Conventional payment platforms are increasingly investigating blockchain for international remittances, with advocates claiming the technology offers faster, cheaper, and more transparent solutions than traditional payment systems.
Zelle, MoneyGram take steps towards stablecoin integration
Recently, the parent company of the payments platform Zelle announced plans to introduce stablecoins to accelerate cross-border payments, while MoneyGram revealed in mid-September its plans to integrate its crypto application in Colombia to provide a USDC (USDC) wallet for locals.
GENIUS Act propels stablecoin initiatives
The growth of stablecoin adoption aligns with greater regulatory clarity in the US following the enactment of the stablecoin-focused GENIUS Act by President Donald Trump in July.
Related: Polymarket likely to initiate its US relaunch in November: Report
Last week, McGranahan noted that Western Union had previously hesitated to engage in crypto due to market volatility, regulatory ambiguities, and customer protection concerns, but the passage of the GENIUS Act altered that trajectory.
The US Treasury Department estimated in April that the stablecoin market was valued at $311.5 billion and is projected to reach $2 trillion by 2028.
Western Union’s foray into the stablecoin sector follows a little over three months after its initial hint at plans to integrate stablecoins in July.
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