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Western Union plans to launch a Solana-based dollar stablecoin in 2026 through Anchorage Digital, expanding its move into digital payments.
The new token, called US Dollar Payment Token (USDPT), will be part of a network that connects digital and traditional money, the company said in a statement. announcement.
He said the network will make it easier for customers to transfer value between crypto wallets and cash, a step toward faster and cheaper cross-border transfers.
“Western Union USDPT will allow us to master the economics of stablecoins,” said CEO Devin McGranahan, calling it a key step in the company’s digital shift.
USDPT is expected to launch in the first half of 2026.
It’s official:@Western Unionthe world’s largest money transfer company, relies exclusively on Solana. 🔥 pic.twitter.com/dJMnKN5EY4
– Solana (@solana) October 28, 2025
Western Union also announced the launch of a “Digital Asset Framework,” which will bring together the company’s global network of partners, including wallets and wallet providers, to give users “seamless access to cash outflows for digital assets.”
The new stablecoin and framework will “make financial services accessible”
Western Union built the first telegraph line in 1861 and is now looking to modernize its network by introducing blockchain-based transactions that can be cleared in seconds, 24 hours a day.
“Digital commerce has brought the world closer together, but access to liquidity remains localized,” the company said. “Western Union predicts that its USDPT stablecoin and digital asset network have the potential to fundamentally reshape the way money moves around the world.”
Company executives said the move would be a return to the company’s roots of connecting people through technology, simply with more modern rails.
The Stablecoin market is still primarily hosted on Ethereum
Western Union said the decision to build on the Solana network and issue its token through Anchorage Digital was due to a shared vision “to modernize financial infrastructure and expand the adoption of digital assets globally,” while complying with regulations.
Issuance of Stablecoin by blockchain (Source: ChallengeLlama)
Western Union’s choice of network deviates from the industry norm, as many stablecoin issuers have chosen the Ethereum network to deploy their tokens.
Data from DefiLlama shows that the Ethereum network has a 53.51% share of the stablecoin market. The second largest share, 25.81%, goes to Tron. Solana ranks third with a significantly lower market share of 4.9%.
This is even though Solana has a technical advantage over Ethereum. Data from Chainspect shows that Solana is ranked as the second fastest blockchain in terms of transactions per second (TPS). The data shows that Solana has a theoretical TPS of 65,000 tx/s and a real-time TPS of 767.1 tx/s.
Ranked as the 20th fastest blockchain network, Ethereum has a theoretical TPS of 178.6 tx/s and a real-time TPS of 16.91 tx/s. However, Ethereum supports Layer 2 networks such as Optimism, Arbitrum and others, which increases the speed of the ETH ecosystem while reducing transaction fees.
USDPT enters a stable and competitive market
USDPT will face strong competition in the market, including Tether’s USDT and Circle’s USD Coin (USDCC). USDT is the largest stablecoin on the market with a capitalization of over $183 billion, while USDC’s market capitalization stands at over $75 billion.
Circle also announced yesterday that the testnet for its Arc blockchain is up and running, with several high-profile companies including BlackRock, WisdomTree and others signing up to test the network.
Western Union will also compete with PayPal and MoneyGram, both of which have ventured into the stablecoin space.
PayPal introduced its own dollar-backed stablecoin with Paxos in 2023 and integrated the token into its remittance app. Meanwhile, MoneyGram launched a wallet supporting USDC.
In addition to this, bank-led networks are testing stablecoin payments for international transfers.
The growing interest in stablecoins comes after the industry gained regulatory clarity following US President Donald Trump’s signing of the GENIUS Act in July.
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