Western Union, one of the world’s oldest payment networks, has announced plans to launch a U.S. dollar-backed stablecoin, which aims to revolutionize cross-border money transfers for its 100 million customers. The new token, dubbed the U.S. Dollar Payment Token (USDPT), will be built on the Solana blockchain and issued by Anchorage Digital Bank.

According to a Wall Street Journal report, the stablecoin is expected to debut in the first half of 2026, with access provided through Western Union’s network of partner exchanges. Western Union says USDPT will allow users to send money globally with lower fees and faster settlement, bypassing the volatility and delays of traditional currency exchange systems.

“We are a long way from the telegraph, but the idea of connecting people and using technology to do it is deeply in our roots for 175 years,” said Devin McGranahan, Western Union’s president and CEO. “Moving into digital assets and stablecoins is just the next chapter in that long journey.”

The move comes amid a broader wave of stablecoin adoption following the passage of the GENIUS Act, a landmark law signed by President Trump earlier this year. The legislation has created a regulatory framework requiring stablecoin issuers to back their tokens with U.S. debt instruments. The law has spurred interest from tech giants and major financial institutions, which are now exploring stablecoin-based payment solutions.

Western Union’s stablecoin initiative also includes the rollout of a digital asset network that will enable users—both customers and non-customers—to convert crypto into local currencies at any of its 400,000+ retail locations worldwide.

The company’s pivot reportedly follows years of hesitation around crypto, largely due to concerns over volatility and regulatory uncertainty. But with stablecoins offering price stability and the GENIUS Act providing legal clarity, Western Union now sees digital assets as a viable path forward.

Furthermore, the competitive landscape is heating up, with rivals such as Paypal and Moneygram having either launched a stablecoin or introduced a wallet app supporting stablecoins. Unlike traditional financial rails, blockchain-based stablecoins are a faster and more cost-effective means of transferring value across borders. The widespread adoption of stablecoins is seen as eating into Western Union’s market share and potentially threatening its survival.

Mindful of this threat, Western Union has been testing blockchain and stablecoin technologies in its treasury operations to reduce reliance on slow, costly correspondent banking systems. If successful, Western Union’s USDPT could mark a turning point—not just for the company, but for the global remittance industry’s shift toward blockchain-powered finance.

• What is Western Union’s USDPT? It’s a dollar-backed stablecoin launching in 2026 to enable faster, cheaper global money transfers.
• How will USDPT work? It runs on the Solana blockchain and will be issued by Anchorage Digital Bank via partner exchanges.
• Who can use it? Both Western Union customers and non-customers can convert crypto to local currency at 400,000+ locations.
• What’s driving this move? The Genius Act and rising stablecoin adoption pushed Western Union to embrace blockchain finance.

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