According to The Wall Street Journal, Western Union plans to issue its own stablecoin called the U.S. Dollar Payment Token (USDPT). It will be backed by the U.S. dollar and operate on the Solana blockchain, with Anchorage Digital Bank serving as the licensed issuer. The launch is scheduled for the first half of 2026.
Western Union CEO Devin McGranahan said the stablecoin launch continues the company’s 175-year legacy of bringing new technologies into people’s lives.
“This is a new evolution,” he said.
USDPT will allow more than 100 million Western Union customers to transfer money globally, regardless of local currency fluctuations. Using blockchain is expected to reduce settlement times and lower fees compared to traditional banking systems.
McGranahan added that stablecoins are especially valuable in countries facing high inflation or volatile currencies, where dollar-based assets help users maintain purchasing power.
The company is already testing stablecoins within its treasury system to accelerate transfers and reduce reliance on correspondent banks used in cross-border operations. The new infrastructure could shorten settlement times from several days to just minutes.
Western Union also plans to create its own digital asset network, enabling users and partner wallets to convert tokens into local currencies. To support this effort, the company will leverage its network of more than 400,000 service locations worldwide.
Market Background
Western Union’s growing interest in digital currencies follows the adoption of the GENIUS Act in the United States, which established clear rules for stablecoin issuance. The law requires issuers to back their tokens with reserves held in cash, short-term bonds, or similarly secure assets.
The launch of USDPT comes amid intensifying competition in the market. PayPal released its PYUSD stablecoin in 2023 and integrated it into its Xoom payment system, while MoneyGram launched an app supporting USD Coin from Circle. The Zelle payment service, owned by major U.S. banks, is also preparing to introduce international transfers using stablecoins.
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