Western Union Launches Stablecoin on Solana for Global Remittances

Western Union is entering the stablecoin market by launching its own USD-pegged token on the Solana blockchain named $USDPT, expected to be available by 2026. This move marks a significant shift in the company’s traditional business model and aims to utilize high-speed transactions of the Solana network for global remittance services. The stablecoin, issued through Anchorage Digital Bank’s federally chartered crypto bank subsidiary, is poised to disrupt the payment space with faster transaction speeds and lower fees compared to conventional methods like correspondent banking systems.