TechFlow reports that on May 5, according to Cointelegraph, Western Union officially launched its U.S. dollar-pegged stablecoin, USDPT, on the Solana blockchain—marking its first foray into blockchain-based payments and on-chain settlement. USDPT is initially rolling out in Bolivia and the Philippines, serving a combined population of 130 million people; Western Union plans to expand the stablecoin to over 40 countries by 2026.
USDPT is issued by Anchorage Digital—the first federally regulated crypto bank in the United States—with wallet and settlement infrastructure provided by Fireblocks. Western Union stated it will list USDPT on licensed crypto exchanges and integrate it into its broader payment and liquidity infrastructure.
Since the U.S. passed the GENIUS Act last July, major remittance firms have increasingly entered the stablecoin space. MoneyGram launched its USDC-based stablecoin service in Colombia in September, while Zelle announced in October its plan to offer stablecoin-powered cross-border transfers. The current total market capitalization of stablecoins stands at $317.3 billion; the U.S. Department of the Treasury and Citigroup project this figure will exceed $2 trillion by 2030.
