Western Union is making notable strides into the blockchain and cryptocurrency space by developing a stablecoin settlement system built on the Solana network. This move highlights the increasing role of traditional financial services in the evolving digital asset ecosystem, particularly in cross-border remittances and crypto payments.
In a significant development for the crypto markets and traditional finance, Western Union revealed plans to employ blockchain technology for its settlement processes. Announced during the company’s third-quarter earnings call, the project will introduce the US Dollar Payment Token (USDPT) on the Solana blockchain. The stablecoin aims to streamline cross-border remittances, reaching over 150 million customers across more than 200 countries and territories.
The USDPT stablecoin, expected to launch in the first half of 2026, will be accessible via partner exchanges, similar to how the PayPal USD (PYUSD) stablecoin is integrated into platforms like Binance. Western Union’s Digital Asset Network will act as a cash off-ramp, facilitating smoother conversions for users worldwide. Speaking at the Money 20/20 USA conference in Las Vegas, CEO Devin McGranahan highlighted Solana as the “right choice” due to its scalability, speed, and institutional infrastructure capabilities.
“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
With traditional payment providers increasingly exploring blockchain for cross-border payments, the adoption of stablecoins is viewed as an essential evolution. They offer faster, cheaper, and more transparent transactions compared to conventional methods, positioning blockchain as a pivotal technology in the future of global remittances.
Zelle and MoneyGram Pursue Stablecoin Integration
Recent moves by other major players underscore this shift. Zelle’s parent company announced plans to launch stablecoins to facilitate quicker cross-border payments, while MoneyGram has integrated its crypto app in Colombia to support USDC wallets for local users. These initiatives demonstrate an industry-wide interest in leveraging stablecoins to improve the efficiency of international transactions.
Regulatory Clarity Spurs Stablecoin Growth
The US’s recent legislative progress, notably the signing of the GENIUS Act into law, signals increased regulatory certainty for stablecoins and digital assets. Western Union’s CEO noted that initial hesitations around crypto—due to volatility, regulatory uncertainty, and customer protection—have started to diminish following this legal development.
The US Treasury Department estimated the stablecoin market was valued at over $300 billion in April, with forecasts projecting it could reach $2 trillion by 2028. Western Union’s strategic move aligns with this growth trend, aiming to tap into the expanding global digital asset ecosystem.
With these developments, traditional payment giants are embracing blockchain technology to strengthen their position in the evolving landscape of cryptocurrency and DeFi, promising faster, more accessible cross-border payment solutions in the near future.