Western Union expands stablecoin strategy with new stable cards
As part of its stablecoin strategy, Western Union is considering issuing “stable cards” for economies with high inflation.
Western Union unveiled plans for a new “stable card” designed to protect users in high-inflation economies. Speaking at the UBS Global Technology and AI Conference, Chief Financial Officer Matt Kagvin said the initiative is based on the company’s ambition to move beyond traditional cross-border payments and toward a multi-layered digital asset roadmap.
Kagvin pointed to Argentina, where annual inflation has recently reached 250–300%, noting that remittances can lose nearly half of their value within a month.
“Imagine a world where your family in the U.S. sends you $500, but by the time you spend it next month, it’s only worth $300,” Kagvin said, adding that Western Union sees strong value in a stable card that complements the prepaid card currently used in the U.S.
Kagvin also revealed Western Union’s intention to launch its own cryptocurrency. He said the company believes its presence in 200 countries gives it a natural advantage, especially in developing markets where remittances account for a significant share of GDP.
“We believe we can create a market for our cryptocurrency in these regions. We want to control the economics, the compliance, and the overall distribution, and we think we can expand this strategy even further,” the Western Union CFO stated.
Comprehensive push into digital assets
As previously reported by Cointelegraph, Western Union’s future stablecoin-based settlement system will be built on the Solana blockchain. The system will be based on the USD Payment Token (USDPT) and a new Digital Asset Network, which connects Western Union with four providers operating through attended and unattended terminals.
The platform is expected to launch in the first half of 2025, while the USDPT launch is planned for the first half of 2026, with distribution conducted through partner exchanges.
Western Union has also filed a trademark application for “WUUSD,” signaling plans to create a suite of crypto services, including a wallet, trading functionality, and stablecoin payment processing.
As we wrote, Western Union enters crypto payments with Solana-based stablecoin
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