Financial services firm Western Union has announced that its upcoming stablecoin settlement system will utilize the Solana blockchain.
Revealed during the company’s third-quarter earnings call last week, the stablecoin system will feature the US Dollar Payment Token (USDPT) along with the Digital Asset Network, developed in collaboration with Anchorage Digital Bank, as Western Union stated on Tuesday.
The firm anticipates that USDPT will be introduced in the first half of 2026, enabling customer access via partner exchanges to enhance accessibility, similar to the PayPal USD (PYUSD) stablecoin listed on Binance and other platforms.
Furthermore, the Digital Asset Network will act as a cash off-ramp for the remittance service’s over 150 million customers in more than 200 destinations worldwide.
Speaking at the Money 20/20 USA conference in Las Vegas on Tuesday, Western Union CEO Devin McGranahan remarked that his team evaluated various alternatives and concluded that Solana was the “optimal choice” for developing an institutional-grade 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 platforms are increasingly investigating blockchain for cross-border remittances, with supporters claiming the technology offers faster, cheaper, and more transparent solutions than conventional payment methods.
Zelle, MoneyGram explore stablecoins
On Friday, the parent company of Zelle announced plans to launch stablecoins to accelerate cross-border payments, while MoneyGram revealed in mid-September its intention to integrate a crypto app in Colombia offering a USDC (USDC) wallet for residents.
GENIUS Act supports stablecoin initiatives
The surge in stablecoin adoption aligns with enhanced 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 initial US relaunch in November: Report
Last week, McGranahan noted that Western Union had initially hesitated to enter the crypto space due to apprehensions regarding market volatility, regulatory ambiguity, and customer safety; however, the passage of the GENIUS Act prompted a change in direction.
The US Treasury Department estimated in April 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 domain follows just over three months after it first hinted at stablecoin integration plans in July.
Magazine: Mysterious Mr Nakamoto author: Discovering Satoshi would jeopardize Bitcoin
