Financial services company Western Union has announced that its stablecoin settlement system, unveiled during its third-quarter earnings call last week, will utilize the Solana blockchain.
The company's stablecoin system will comprise the US Dollar Payment Token (USDPT) and the Digital Asset Network. This network is being developed in partnership with Anchorage Digital Bank, Western Union stated on Tuesday.
Western Union anticipates the USDPT will launch in the first half of 2026. Customer access will be provided through partner exchanges, aiming to broaden accessibility, a model similar to how the PayPal USD (PYUSD) stablecoin is listed on exchanges like Binance.
The Digital Asset Network is intended to serve as a cash off-ramp for the remittance platform’s extensive customer base, which numbers over 150 million individuals across more than 200 countries and territories.
Speaking at the Money 20/20 USA conference in Las Vegas on Tuesday, Western Union CEO Devin McGranahan shared that his team, after evaluating numerous alternatives, determined Solana to be 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 platforms are increasingly exploring blockchain technology for cross-border remittances. Proponents suggest that this technology offers faster, cheaper, and more transparent transactions compared to traditional payment systems.
Industry Peers Also Exploring Stablecoin Initiatives
The trend of stablecoin adoption is evident among other major players in the financial sector. On Friday, the parent company behind the payments platform Zelle announced its intention to launch stablecoins to facilitate faster cross-border payments. Additionally, MoneyGram revealed in mid-September that it would integrate its crypto app in Colombia, offering a USDC wallet to local users.
Regulatory Environment Supports Stablecoin Growth
The increasing adoption of stablecoins is occurring alongside a clearer regulatory landscape in the United States. This development follows the signing of the stablecoin-focused GENIUS Act into law by President Donald Trump in July.
Last week, McGranahan mentioned that Western Union had initially held back from engaging with cryptocurrency due to concerns regarding market volatility, regulatory uncertainty, and customer protection. However, the passage of the GENIUS Act has prompted a change in this approach.
The US Treasury Department estimated in April that the stablecoin market was valued at $311.5 billion. Projections suggest this market could reach $2 trillion by 2028.
Western Union's entry into the stablecoin market comes just over three months after it first hinted at plans to integrate stablecoins in July.