Western Union has launched its US dollar-denominated USDPT stablecoin on Solana, marking its first transfer into blockchain-based funds and onchain settlement for its world remittance community.
One of many crypto infrastructure platforms concerned within the launch, Fireblocks, stated on Monday that USDPT is initially being rolled out in Bolivia and the Philippines, whereas Western Union stated it plans to develop the stablecoin to greater than 40 international locations in 2026.
Main remittance corporations have been eyeing stablecoins after the passage of the stablecoin-friendly GENIUS Act in July. MoneyGram began providing USDC (USDC) stablecoin providers in Colombia in September, whereas Zelle introduced plans to supply stablecoin-powered cross-border transfers in October.
Western Union stated the “launch of USDPT displays a broader shift in how world funds are evolving,” including that extra monetary establishments will undertake “regulated digital property as core infrastructure going ahead.”
The stablecoin market cap presently sits at $317.3 billion, a determine that the US Division of the Treasury and Wall Road funding financial institution Citigroup have tipped to develop above $2 trillion by 2030.
Supply: Western Union
Western Union to make USDPT obtainable on crypto exchanges
USDPT is being issued by crypto infrastructure agency Anchorage Digital, the primary federally regulated crypto financial institution within the US, whereas Fireblocks is offering the pockets and settlement infrastructure for the stablecoin.
Western Union stated it plans to make USDPT obtainable on licensed crypto exchanges and join them to its broader funds and liquidity infrastructure.
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USDPT’s launch in Bolivia and the Philippines makes the stablecoin obtainable to a mixed 130 million individuals.
On Sunday, Bybit’s former chief advertising and marketing officer, Claudia Wang, stated there was a possibility for cash transmitter corporations like Western Union to faucet into many untouched remittance corridors within the Americas, which have develop into a $174 billion market.
She stated remittance corridors between the US and Central America are exploding, whereas many routes from inside Latin America — equivalent to from Argentina to Bolivia — have been “virtually untouched by crypto rails.”
Western Union facilitates transfers for greater than 150 million prospects throughout greater than 190 international locations.
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