Western Union to Launch USDPT Stablecoin on Solana

 

Global financial services company Western Union has announced its plans to launch its long awaited U.S. Dollar Payment Token (USDPT) stablecoin next month.

 

The Solana based USDPT stablecoin, which is to be issued by crypto bank Anchorage Digital, is already in its final stages of preparation and is expected to launch, Devin McGranahan, Western Union CEO and President, revealed during the firm’s recent first quarter earnings call.

 

"It is no longer a question of if Western Union will be active in digital assets; it is now how fast we can scale," McGranahan said during the call with investors and financial analysts.

 

McGranahan also revealed in a Q&A session that the USDPT stablecoin will not be launched as a consumer product, but will instead initially be used internally as an alternative to the SWIFT network. With the USDPT stablecoin, Western Union aims to facilitate fast transaction settlements in real time with its agents around the world.

 

Other Services to Be Launched Alongside USDPT

Alongside the USDPT stablecoin, Western Union will be launching two additional services and products: its USD stablecard and the Digital Asset Network, or DAN, which allows digital assets, including USDPT and crypto wallets, to connect with Western Union’s existing infrastructure.

 

By means of a single connection to Western Union’s API, DAN provides off ramp services to users, enabling them to convert stablecoins held in crypto wallets into local currencies.

 

"Through DAN, millions of wallet users will be able to move from digital assets into local currency using Western Union's retail network, with an experience that is simple for customers and familiar for our agents," McGranahan said, while also stating that the first partner of the network will be revealed next week. DAN will be made available in over 360,000 locations across more than 200 countries and territories.

 

To allow users to hold value in stablecoins, including USDPT, Western Union will also be launching its USD stablecard, a consumer based card developed by crypto wallet provider Rain and Visa.

 

The stablecard, according to McGranahan, will be especially compelling in inflation sensitive markets where customers want dollar denominated value, and it will be launched across dozens of markets worldwide. With the card, users living in areas hit by high inflation will be able to hold USD based stablecoins and spend them globally.