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Western Union has launched its US dollar-denominated USDPT stablecoin on Solana, marking its first move into blockchain-based payments and onchain settlement for its global remittance network.
One of the crypto infrastructure platforms involved in the launch, Fireblocks, said on Monday that USDPT is initially being rolled out in Bolivia and the Philippines, while Western Union said it plans to expand the stablecoin to more than 40 countries in 2026.
Major remittance companies have been eyeing stablecoins after the passage of the stablecoin-friendly GENIUS Act in July. MoneyGram started offering USDC (USDC) stablecoin services in Colombia in September, while Zelle announced plans to offer stablecoin-powered cross-border transfers in October.
Western Union said the “launch of USDPT reflects a broader shift in how global payments are evolving,” adding that more financial institutions will adopt “regulated digital assets as core infrastructure going forward.”
The stablecoin market cap currently sits at $317.3 billion, a figure that the US Department of the Treasury and Wall Street investment bank Citigroup have tipped to grow above $2 trillion by 2030.
Source: Western Union
Western Union to make USDPT available on crypto exchanges
USDPT is being issued by crypto infrastructure firm Anchorage Digital, the first federally regulated crypto bank in the US, while Fireblocks is providing the wallet and settlement infrastructure for the stablecoin.
Western Union said it plans to make USDPT available on licensed crypto exchanges and connect them to its broader payments and liquidity infrastructure.
Related: Australia draft payments vision eyes stablecoin interoperability
USDPT’s launch in Bolivia and the Philippines makes the stablecoin available to a combined 130 million people.
On Sunday, Bybit’s former chief marketing officer, Claudia Wang, said there was an opportunity for money transmitter firms like Western Union to tap into many untouched remittance corridors in the Americas, which have become a $174 billion market.
She said remittance corridors between the US and Central America are exploding, while many routes from within Latin America — such as from Argentina to Bolivia — have been “almost untouched by crypto rails.”
Western Union facilitates transfers for more than 150 million customers across more than 190 countries.
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