Financial services firm Western Union is preparing to launch a dollar-backed stablecoin, USDPT, next month as part of a broader crypto roadmap aimed at faster, cheaper cross-border settlement. The stablecoin will be built on Solana and issued by Anchorage Digital Bank, leveraging Solana’s high throughput and Anchorage’s regulated custody and stablecoin infrastructure.
Western Union detailed the plan during its Q1 earnings call, saying USDPT is in final stages and will first be used for institutional settlement across its global agent network rather than as a direct consumer product. The company expects early adoption to focus on moving funds among customers, agents, and treasury operations, while later initiatives will extend services to retail users.
As part of the rollout, Western Union plans a Digital Asset Network that partners with wallets and wallet providers to cover the “last mile” of crypto transfers. CEO Devin McGranahan noted the firm aims to capture the economics tied to stablecoins and expects millions of customers to convert crypto to local currency through its platform. Western Union also plans to introduce a USD Stable Card later this year to let users hold and spend digital-dollar balances, a consumer-oriented product meant to attract retail adoption.
The move reflects a growing institutional interest in stablecoins to improve settlement speed and reduce fees. At the same time, increased adoption invites regulatory scrutiny. The Bank for International Settlements recently flagged risks tied to dollar-denominated stablecoins, and regulators in the U.S. and Europe have begun enacting frameworks that offer clearer rules for issuers and consumers.
