Western Union prepares stablecoin launch for cross-border settlement and card payments

Traders Union
All News
Financial News
Western Union stablecoin launch

Highlights

Western Union plans to launch its USDPT stablecoin on Solana with Anchorage Digital next month, starting as an internal settlement tool to replace SWIFT.
Through its forthcoming Digital Asset Network, Western Union will enable cash-out for tens of millions of crypto wallets globally across its retail locations.
The company aims to launch a Stable Card later this year, allowing customers to spend stablecoins via card networks in dozens of markets as competition from fintech rivals intensifies.

Stablecoin rollout and payments plan

As reported by CoinDesk, Western Union Chief Executive Devin McGranahan says the company's U.S. dollar stablecoin, USDPT, is in the final stages of readiness and is expected to launch next month. The company announced in October that the token will run on Solana and will be issued with Anchorage Digital, a federally chartered crypto bank.

Western Union plans to deploy the stablecoin first as an internal settlement tool rather than a consumer product. McGranahan says it is being launched as an alternative to the interbank SWIFT settlement network the company currently uses to move money between Western Union and its agents.

He says the shift could address delays built into legacy banking rails, which in some markets settle only on business days and can take two or three days. Stablecoins could allow real-time settlement on weekends and holidays while reducing the amount of capital tied up in the process.

The company is also building its Digital Asset Network, or DAN, to let crypto wallet providers offer Western Union as a cash-out option. Through that network, users will be able to convert digital assets into local currency using Western Union's retail footprint, and the company says its partner pipeline represents tens of millions of crypto wallets globally.

Western Union also plans to launch a Stable Card later this year. McGranahan says the card will let customers hold funds in stablecoins and spend through card networks, with an initial rollout targeted across dozens of markets later this year.

Competitive pressure on remittances

Western Union's stablecoin push comes as its core remittance business faces growing pressure from fintech rivals and crypto payments firms that are using blockchain technology for cross-border transfers. The company is positioning the new products around settlement speed, cash-out access and dollar-linked spending utility, particularly in inflation-sensitive markets.

That broader competitive shift is already visible across the sector. MoneyGram is looking to Circle's USDC stablecoin, while Stripe has launched its own stablecoin infrastructure with the payments-focused chain Tempo.

Our earlier coverage of the EU’s latest sanctions package against Russia explained how the bloc is tightening financial channels by targeting crypto-based cross-border payment infrastructure. We noted the sector-wide ban on Russian-based crypto providers, restrictions tied to SPFS-linked entities, and specific measures against the RUBx stablecoin and support for the digital ruble, underscoring how stablecoins and crypto rails are increasingly treated as sanctions-sensitive payment routes.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.