Western Union, a financial services provider, has announced that its upcoming stablecoin settlement system will utilize the Solana blockchain.
During the company’s third-quarter earnings call last week, it 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 Western Union stated on Tuesday.
The company anticipates that USDPT will be launched in the first half of 2026, offering customer access via partner exchanges to enhance accessibility, akin to how the PayPal USD (PYUSD) stablecoin is available on Binance and other platforms.
Furthermore, the Digital Asset Network will act as a cash off-ramp for the remittance platform’s more than 150 million users across over 200 countries and territories.
At the Money 20/20 USA conference in Las Vegas on Tuesday, CEO Devin McGranahan mentioned that his team evaluated numerous alternatives and determined that Solana was the “right choice” for creating 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
Conventional payment platforms are increasingly turning to blockchain for cross-border remittances, with supporters claiming the technology is faster, cheaper, and more transparent than traditional payment methods.
Zelle and MoneyGram are advancing in stablecoins
Last Friday, the parent company of Zelle announced its intent to launch stablecoins to enable quicker cross-border payments, while MoneyGram stated in mid-September that its crypto app would be integrated in Colombia to provide a USDC (USDC) wallet for local users.
GENIUS Act enhances stablecoin initiatives
The increase in stablecoin adoption aligns with heightened regulatory clarity in the US after President Donald Trump signed the stablecoin-focused GENIUS Act into law in July.
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Last week, McGranahan stated that Western Union had initially hesitated to embrace crypto due to concerns regarding market volatility, regulatory ambiguity, and customer protection, but the passage of the GENIUS Act changed their direction.
The US Treasury Department estimated the stablecoin market to be valued at $311.5 billion in April and projected it to reach $2 trillion by 2028.
Western Union’s venture into the stablecoin space follows just over three months after its initial suggestions to integrate stablecoins in July.
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