The global financial services leader Western Union is set to introduce its Solana-based stablecoin, USDPT, next month, as announced during the company’s Q1 earnings call. Devin McGranahan, CEO and President of Western Union, emphasized that the focus has shifted from whether to how quickly they can expand their digital assets operations. He described USDPT as a cornerstone of their strategic plan.
Initially revealed in October 2025, the US dollar-backed stablecoin is nearing completion. Anchorage Digital Bank will issue USDPT, which was developed for settlements within Western Union’s international agent network rather than direct consumer interaction.
This initiative signifies Western Union’s shift towards integrating blockchain technology into its core business operations, aiming at the institutional settlement market traditionally dominated by correspondent banking networks in cross-border payments.
Western Union is also establishing a comprehensive digital asset ecosystem. This week marks the onboarding of their first partner for the Digital Asset Network (DAN), facilitating connections between cryptocurrency wallets and Western Union’s physical outlets.
“Through DAN, millions of wallet users will be able to convert digital assets into local currency via Western Union’s retail network, providing a seamless experience for customers and familiar processes for our agents,” McGranahan stated. Since announcing its initial partners, the company has received significant interest.
Additionally, Western Union plans to launch the USD Stable Card later this year across numerous markets. This card will allow consumers to hold stablecoins and spend globally, which is particularly attractive in inflation-sensitive regions where customers seek immediate dollar-denominated value. McGranahan highlighted that the Stable Card aims to create an integrated consumer experience by connecting USDPT with digital assets, retail clients, and global spending.
In its first quarter of 2026, Western Union reported adjusted revenue of $983 million, a slight 1% decrease from the previous year but showing a 400-basis-point improvement over Q4. The stablecoin launch follows December’s announcement about leveraging Solana’s enterprise platform with Mastercard and Worldpay. This move aligns with a broader trend where traditional financial institutions explore stablecoin infrastructure, as evidenced by Wells Fargo applying for a WFUSD trademark hinting at crypto integration and Citi reportedly considering its own stablecoin offering for cross-border transactions.