Historical payments network Western Union has announced plans to launch its own stablecoin on the Solana network in 2026. The new dollar-backed stablecoin will enable 100 million customers to send money internationally, insulated from local fiat currency fluctuations and risks.
The US Dollar Payment Token (USDPT) will be built on the Solana blockchain and issued by Anchorage Digital Bank, according to Western Union's Tuesday announcement. The digital token is expected to launch in the first half of 2026 and will be accessible to customers through Western Union's partner exchanges. Solana's Layer 1 blockchain network is home to a number of successful stablecoins, and Western Union's coin is perhaps one of the most important.
“While we are far from ubiquitous with the telegraph, the idea of connecting people and leveraging technology to do it is deeply rooted in our 175-year-old roots,” said Western Union President and CEO Devin McGranahan. “The transition to digital assets and stablecoins is just the next chapter in a long journey to bring people together through technology.”
In 2025, stablecoins will dominate the financial sector. Several top financial institutions, including Bank of America and JP Morgan, are supporting the industry and issuing their own dollar-backed coins. Western Union is one of the world's oldest payment networks, having built the first transcontinental telegraph line in 1861. The company's entry into the stablecoin industry will lead Western Union further into the financial revolution and maintain its relevance in a growing industry.
The market capitalization of the stablecoin market is already over $300 billion. Western Union transfers hundreds of billions of dollars every year. Therefore, if the Western Union USDPT stablecoin gains traction, there could be a huge influx of funds into the current stablecoin market.
