The 175-year-old money-transfer giant Western Union has officially launched a new stablecoin on the Solana (SOL) blockchain.
Western Union’s new USDPT coin is fully backed by US dollars and issued by Anchorage Digital.
Devin McGranahan, Western Union’s president and CEO, says the stablecoin will integrate into the financial giant’s existing payment systems.
“USDPT reinforces Western Union’s role as a global payments platform. By integrating a regulated digital dollar directly into our network, we’re creating a more efficient settlement layer that supports partners, agents and future consumer use cases — all while preserving the trust and scale that define our brand.”
Western notes it also plans to develop a digital asset network to connect crypto exchanges and custodians to its global payout and liquidity infrastructure.
The firm currently powers cross-border transfers in more than 200 countries, with payment services utilizing over 130 currencies.
Western Union’s new stablecoin, first announced last October, materializes as the company reckons with declining revenues and a stock price that has tumbled by more than 63% in the past five years.
Despite the revenue decline, Western Union has remained profitable, with some market analysts suggesting the money transfer giant’s share price could rebound.
WU shares are trading at $9.16 at time of writing and are down 2.55% in the past five days.
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