The Solana network is once again plagued by counterfeit tokens. According to DEXTools data, at least 24 fake tokens impersonating the official U.S. Dollar Payment Token (USDPT) from Western Union have been detected on-chain. These fraudulent tokens are mainly traded on platforms such as Pump.fun and Raydium LaunchLab. Some were minted recently, while others have existed for over six months.
Characteristics: Short-Term Pump and Hidden Dangers
Reports indicate that certain counterfeit USDPT tokens experienced a price surge of approximately 100% within 24 hours, luring speculative traders. However, these assets are extremely high-risk, as issuers may execute a rug pull—suddenly withdrawing all liquidity from the pool, causing the token price to crash to zero.
Background: Why USDPT? Legit Stablecoin Under Siege
USDPT is a compliant stablecoin co-issued by global remittance giant Western Union, designed for real-time cross-border settlement. Its official backing and real-world use cases have built strong trust in the crypto community, making it a prime target for scammers. The proliferation of fake tokens on Solana highlights the lack of on-chain asset verification mechanisms.
Data Alert: Real vs. Fake
According to DEXTools, the genuine USDPT contract address is unique, with supply controlled by Western Union. Counterfeit versions often use similar names (e.g., “USDPT”, “USDP T”) or slightly altered symbols. As of writing, RAY (Raydium’s native token) is up +0.78%, and SOL is up +0.98%, but the fake tokens’ volatility remains unrelated to major tokens.
Investment Tips: How to Identify and Avoid Scams
1. Verify contract addresses via official sources (Western Union website, CoinMarketCap, or Coingecko); 2. Beware of abnormal pumps: 100% surges with shallow liquidity are red flags; 3. Check liquidity locks on DEXTools; 4. Avoid FOMO: Do not chase fake hype. With similar incidents in the Solana ecosystem—like the NEET meme coin hitting $43M market cap or two Americans arrested for promoting a Solana MEMECOIN—the fake USDPT case serves as a stark reminder: in unregulated markets, investors must be their own first line of defense.