Western Union, a financial services company, announced that its upcoming stablecoin settlement system will utilize the Solana blockchain.
During last week's third-quarter earnings call, Western Union stated that the stablecoin system will consist of a USD-pegged token (USDPT) and a digital asset network, which will be built in collaboration with Anchorage Digital Bank.
The company expects USDPT to launch in the first half of 2026, providing access channels for customers through partner exchanges to enhance accessibility, similar to how the PayPal USD (PYUSD) stablecoin was listed on Binance and other exchanges.
The company added that the digital asset network will offer cash withdrawal services for over 150 million customers across more than 200 countries and regions through its remittance platform.
Western Union CEO Devin McGranahan stated on Tuesday at the Money 20/20 USA conference in Las Vegas that his team compared many other alternatives and concluded that Solana was the "right choice" for building an institutional-grade 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
Traditional payment platforms are increasingly exploring blockchain for cross-border remittances, with proponents claiming that the technology is faster, cheaper, and more transparent than traditional payment rails.
On Friday, the parent company of payment platform Zelle announced it would launch a stablecoin to facilitate faster cross-border payments, while MoneyGram announced in mid-September that it would integrate its crypto application in Colombia to provide locals with USDC wallets.
The rise in stablecoin adoption coincides with increased regulatory transparency in the U.S., following President Trump signing the GENIUS Act focused on stablecoins in July.
McGranahan stated last week that Western Union initially avoided cryptocurrencies due to concerns over market volatility, regulatory uncertainty, and customer protection, but the passage of the GENIUS Act changed that direction.
The U.S. Treasury estimated in April that the stablecoin market is valued at $311.5 billion, expecting it to reach $2 trillion by 2028.
Western Union's move into the stablecoin space comes more than three months after it first hinted at plans to integrate stablecoins in July.
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Original article: “Western Union Chooses Solana as Its Stablecoin and Digital Asset Network Platform”
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