Western Union has announced that its upcoming stablecoin settlement system will utilize the Solana blockchain.
During the company’s third-quarter earnings call last week, they revealed that the stablecoin system will feature the US Dollar Payment Token (USDPT) and the Digital Asset Network, developed in collaboration with Anchorage Digital Bank, as stated by Western Union on Tuesday.
USDPT is expected to launch in the first half of 2026, offering customer access through partner exchanges to enhance availability, similar to the way PayPal USD (PYUSD) stablecoin is listed on platforms like Binance.
The Digital Asset Network will act as a cash off-ramp for the remittance service’s more than 150 million customers in over 200 countries and territories.
At the Money 20/20 USA conference in Las Vegas on Tuesday, Western Union CEO Devin McGranahan noted that his team explored numerous alternatives and concluded that Solana was the “right choice” for constructing an institutional-ready stablecoin platform.
“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
Traditional payment systems are increasingly adopting blockchain technology for cross-border remittances, as advocates argue that it provides faster, cheaper, and more transparent alternatives to conventional payment methods.
Zelle, MoneyGram make stablecoin moves
Recently, the parent company of Zelle announced intentions to launch stablecoins for quicker cross-border payments, while MoneyGram disclosed plans in mid-September to roll out its crypto app in Colombia, offering a USDC (USDC) wallet for local users.
GENIUS Act boosts stablecoin plans
The surge in stablecoin adoption aligns with enhanced regulatory clarity in the US, following President Donald Trump’s signing of the stablecoin-centric GENIUS Act into law in July.
Related: Polymarket will likely begin its initial US relaunch in November: Report
Last week, McGranahan mentioned that initially, Western Union hesitated with crypto due to concerns over market volatility, regulatory uncertainty, and customer protection. However, the passing of the GENIUS Act altered that trajectory.
In April, the US Treasury Department estimated that the stablecoin market was valued at $311.5 billion and projected it could reach $2 trillion by 2028.
Western Union’s venture into the stablecoin space follows just over three months after it first indicated plans to incorporate stablecoins in July.
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