Western Union to launch Solana-based dollar stablecoin

Legacy payments firm partners with Anchorage Digital to issue a dollar-pegged token under new US stablecoin law

by Blockworks /

October 28, 2025 01:27 pm

HJBC/Shutterstock and Adobe modified by Blockworks

Western Union plans to launch a US dollar-backed stablecoin on the Solana blockchain next year, marking its biggest step yet into digital assets.

The new token, called the US Dollar Payment Token (USDPT), will be issued by Anchorage Digital Bank and will allow Western Union’s 100 million customers to send money internationally without exposure to local currency volatility.

The news was first reported by the Wall Street Journal.

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The initiative follows the passage of the Genius Act, signed by President Trump in mid-2025, which created the first federal framework for stablecoins.

Western Union said the stablecoin will be accessible through partner exchanges and integrated into a new digital asset network connecting crypto wallets and its 400,000 retail outlets worldwide.

According to the WSJ, Western Union CEO Devin McGranahan described the launch as a natural extension of the company’s 175-year history of using technology to connect people.

By using stablecoins — digital tokens pegged to fiat currencies — Western Union aims to cut settlement times and transaction costs while reducing dependence on legacy correspondent banking systems.

This story was updated at 1:30 pm ET to reflect confirmation from Western Union.

This article was generated with the assistance of AI and reviewed by editor Michael McSweeney before publication.

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