Western Union plans to launch the U.S. Dollar Payment Token (USDPT) in the first half of 2026. The company announced the program together with a new Digital Asset Network that links wallets to cash access. It expects distribution through partner exchanges and supported wallets.
Anchorage Digital Bank, the only federally chartered crypto bank in the U.S., will issue USDPT and provide custody. Western Union says the effort will enable customers to send, receive, spend, and hold the token, with its compliance controls in place. The addressable base is approximately 100 million customers.
Western Union operates in more than 200 countries and territories. Its retail network offers cash services at approximately 600,000 agent locations, which will support the conversion of digital assets into cash. Company materials describe “hundreds of thousands” of locations today.
CEO Devin McGranahan framed the initiative as part of the firm’s evolution into digital assets while keeping substantial risk and compliance oversight. Western Union cited treasury use cases alongside customer payments.
Solana’s High Throughput and Ecosystem Attract Western Union
Western Union chose Solana because of its speed and low transaction fees. Solana offers settlement in seconds and can efficiently handle high volumes at minimal cost. Industry estimates indicate that Western Union processes about 70 million transfers each quarter, making scalability an essential factor.
Building on a public blockchain also supports transparent and auditable transaction flows. Western Union will maintain last-mile access through its agent network for cash pick-up.
Large payment firms have adopted Solana. PayPal made PYUSD available on Solana in May 2024. Stripe has reintroduced stablecoin payments, supporting USDC on Solana, Ethereum, and Polygon. These steps demonstrate the broader institutional adoption of Solana for payments.
Reports described Western Union as the first major money-transfer firm to plan issuance of its own token on a public chain. MoneyGram, by contrast, uses Circle’s USDC on Stellar with Crossmint.
Regulation, Reserves, and Access
Congress enacted the GENIUS Act on July 18, 2025, establishing federal rules for payment stablecoins. The law requires one-to-one reserves in cash or short-term Treasuries, monthly disclosures, and AML compliance. Reuters and the Congressional website detail these provisions.
Anchorage’s issuance platform and U.S. Bank’s reserve custody support compliance with that framework. Anchorage states its payment stablecoins conform to GENIUS Act standards and rely on regulated custody for reserves.
Western Union’s Digital Asset Network will connect self-custody wallets and exchange partners to its retail agents. Users will convert USDPT or other supported assets into the local currency in markets where cash remains a common form of payment. The company targets faster settlement and lower remittance costs while retaining existing compliance checks.
Recent results underscore the digital shift. Company filings and industry reports show continued growth in branded digital usage, with wallets representing more than half of digital transactions in recent updates.
Western Union traces its roots to the telegraph era, founded in 1851 and known for completing the transcontinental telegraph in 1861. The USDPT launch marks another change in how the firm moves money across borders.
Competitive Landscape: MoneyGram, PayPal, and Stablecoin Adoption
The broader market also expands under the new rules. Société Générale disclosed plans for a dollar stablecoin, while Circle applied for a U.S. trust bank charter to support reserves and custody. Both moves reflect rising institutional participation.
Furthermore, MoneyGram adopted a model that utilizes USDC on the Stellar network, leveraging Crossmint’s wallet infrastructure. The organization restructured its application to emphasize stablecoins and blockchain settlement processes. It aims to allow users to receive funds in dollar tokens and convert them to local currency.
Crossmint described its support of MoneyGram’s next-generation cross-border experience. The company described the storage of USDC deposits and planned spending features. These capabilities align with stablecoin remittances and retail conversions.
PayPal’s PYUSD, issued by Paxos, has been adding to its circulating supply in recent months. As of October 25, 2025, supply from third-party trackers indicated a total of approximately $2.63 billion. These statistics demonstrate overall growth in the dollar-pegged tokens.