Western Union is close to launching USDPT, a US dollar-pegged stablecoin that the company says will go live in the coming month. CEO Devin McGranahan disclosed the timeline during the firm’s first-quarter financial meeting. The token was first announced in October, will run on Solana, and will be issued through Anchorage Digital, a regulated entity in the United States.
Internal settlement comes first
At launch, USDPT will not be offered directly to retail users. Western Union plans to deploy it inside its own transfer network first. McGranahan said the main objective is to create an alternative to existing interbank settlement rails such as SWIFT. That setup would allow transactions to settle outside normal banking windows, including weekends and holidays, cutting the delays tied to legacy systems.
The company also said a stablecoin-based structure could lower overall capital requirements across the system. The message from management was clear: Western Union is treating stablecoins as settlement infrastructure before turning them into a consumer-facing crypto product.
DAN links crypto wallets with cash-out locations
Western Union’s other digital asset push centers on its new Digital Asset Network, or DAN. The platform is designed to expand the company’s ecosystem by connecting crypto wallet providers with Western Union’s branch network. Through DAN, wallet users would be able to convert crypto into local currency instantly at physical locations, tying digital asset balances to cash services.
According to company statements, the partner network tied to DAN already includes tens of millions of crypto wallet users globally. That gives Western Union a way to reach a large pool of digital asset customers for cross-border transfer services.
Stable Card planned for later this year
Later this year, Western Union intends to roll out Stable Card, a payment product built on stablecoin technology. The card is meant to let customers store and spend digital balances pegged to the US dollar. The company said the product could be especially useful in countries with high inflation, where dollar-linked balances may offer more stable day-to-day purchasing power.
Western Union plans an initial launch across dozens of countries, followed by broader international expansion by the end of 2024. McGranahan said the card is aimed at emerging markets where currency volatility remains a major issue.
Remittance firms are moving deeper into blockchain payments
Western Union’s push comes as competition intensifies across the remittance market. Fintech companies and crypto-based payment platforms are using blockchain tools to speed up cross-border transfers and simplify settlement. The report notes that MoneyGram has adopted Circle’s USDC stablecoin, while Stripe has introduced its own stablecoin product. Western Union’s USDPT plan shows that large remittance companies are now taking stablecoins beyond early experimentation and into practical settlement and payment use cases.