Western Union Targets Solana for USD Stablecoin Launch Next Month, CEO Says

Western Union is moving closer to issuing a U.S. dollar stablecoin as it looks to modernize how it settles payments across its global network. CEO Devin McGranahan told analysts on the company's first-quarter earnings call that Western Union's dollar-pegged token, USDPT, is in its final readiness phase and is expected to launch next month. The company said in October that USDPT will run on Solana (SOL) and be issued in partnership with Anchorage Digital, a federally chartered crypto bank. McGranahan said Western Union's initial use case is internal: replacing parts of the interbank settlement rails it relies on to move funds between the company and its agents. "We are not originally launching [USDPT] as consumer-facing," he said. "We are launching it as an alternative to the interbank SWIFT settlement network that we use today." He pointed to constraints in legacy banking infrastructure, where settlement typically occurs only on business days and can take two to three days in certain markets. Stablecoins, he said, could enable real-time settlement with partners, including on weekends and holidays, while reducing capital trapped in the process. Western Union's broader digital asset strategy also includes its Digital Asset Network (DAN), designed to let crypto wallet providers offer Western Union as a cash-out option. Through DAN, wallet users would be able to convert digital assets into local currency using Western Union's retail network. The company said its partner pipeline spans tens of millions of crypto wallets worldwide. Western Union also plans to introduce a "Stable Card" later this year, allowing customers to hold balances in stablecoins and spend via card networks. McGranahan said the product could appeal in inflation-sensitive markets where consumers want U.S. dollar-denominated value with everyday spending utility. He said the company expects to begin rolling it out across dozens of markets, with an initial wave targeted for later this year. The stablecoin initiative comes as competitive pressure builds on Western Union's core remittance business, with fintech and crypto payments rivals increasingly using blockchain-based rails for cross-border transfers. MoneyGram has signaled interest in Circle's USDC, while Stripe has rolled out stablecoin infrastructure tied to a payments-focused chain called Tempo.