Western Union has announced plans to introduce a new “stable card” aimed at protecting users in high-inflation economies as part of its stablecoin strategy.
At the UBS Global Technology and AI conference, chief financial officer Matthew Cagwin stated that this initiative builds upon the company’s recent investor-day announcement, highlighting its shift beyond traditional cross-border payments into a comprehensive digital asset strategy.
Cagwin pointed to Argentina, where annual inflation has soared to 250–300%, stating that remittances can lose nearly half their value within a month. “Imagine a world where your family in the US sends you $500 home, but by the time you spend it in the next month, it’s only worth $300,” he explained.
“We see a beneficial application for our stable card in that context, which is an extension of our current prepaid card offerings in the US,” he added.
Related: Crypto Biz: Corporate stablecoin race heats up with Citi, Western Union at the helm
Western Union to launch its own coin
Cagwin also disclosed Western Union’s plans to launch its own coin. He emphasized that the company’s extensive distribution network across 200 countries provides a distinct advantage, especially in emerging markets where remittances contribute significantly to GDP.
“We believe we can establish a market for our coin in these regions. Our aim is to control the economics, compliance, and distribution of our coin, enabling us to expand further,” he said.
Another significant element of the company’s digital asset strategy is its Digital Asset Network (DAN), which will connect Western Union to four on-ramp and off-ramp providers. The platform is anticipated to launch in the first half of 2025.
Related: Money giant Western Union to pilot stablecoin-powered transfers
Western Union selects Solana for its stablecoin
As Cointelegraph previously reported, Western Union has confirmed that its forthcoming stablecoin settlement system will be built on the Solana (SOL) blockchain. This system will center around the US Dollar Payment Token (USDPT) and a new Digital Asset Network created in collaboration with Anchorage Digital Bank. USDPT is scheduled for launch in the first half of 2026, with distribution through partner exchanges.
Additionally, Western Union has filed a trademark application for “WUUSD,” indicating intentions for a range of crypto services, including a wallet, trading features, and stablecoin payment processing. The filing has been accepted but not yet assigned to an examiner.
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