Key Highlights
- Western Union is reportedly preparing to launch its own USD-pegged stablecoin in the first half of 2026
- The stablecoin, known as U.S. Dollar Payment Token, or USDPT, will be launched on Solana and issued via Anchorage Digital Bank
- With this announcement, McGranahan CEO believes that stablecoin is just the next chapter in that long journey of connecting people through technology
According to the latest report, Western Union, one of the major financial service providers in the world, is preparing to introduce its own stablecoin in the first half of 2026.
BREAKING: WESTERN UNION TO BUILD STABLECOIN ON SOLANA pic.twitter.com/0z09ebOdJr
— DEGEN NEWS (@DegenerateNews) October 28, 2025
Western Union to Launch USD-Backed Stablecoin
According to the Wall Street Journal, Western Union will introduce a USD-backed stablecoin, dubbed the U.S. Dollar Payment Token, or USDPT, on the Solana blockchain. Also, it will be issued via Anchorage Digital Bank.
Devin McGranahan, president and chief executive of Western Union, said, “We are a long way from the telegraph, but the idea of connecting people and using technology to do it is deeply in our roots for 175 years. Moving into digital assets and stablecoins is just the next chapter in that long journey of connecting people through technology.”
By integrating a stablecoin using blockchain technology, the financial service company is planning to enhance the global payment system. It will make transactions faster, cheaper, and more transparent.
This revelation comes after earlier this year, McGranahan said during an interview that we see stablecoin as an opportunity, not as a threat.
As its core, USDPT is a digital version of the USD, backed one-for-one by actual dollars held in reserves. This ensures its value stays rock-steady, avoiding the wild price swings of other cryptocurrencies like Bitcoin. Western Union chose the Solana blockchain for its speed and low costs; transactions settle in seconds for fractions of a penny, making it ideal for sending money across borders.
This follows Western Union’s earlier tests in stablecoin settlements, which aim at ditching outdated correspondent banking systems that tie up capital. Competitors like MoneyGram and PayPal are already ahead, but Western Union’s scale could disrupt the $800 billion remittance market. Stablecoin volumes have surged to $19.4 billion year-to-date in 2025, per industry data.
Trends in Stablecoin Launches Among Financial Institutions
This year has been marked by the emergence of stablecoins, as major developments in this sector have been observed. In July 2025, U.S. President Donald Trump signed the GENIUS Act into law, which is the first legislation for the cryptocurrency sector. This legislation, short for the Guiding and Establishing National Innovation for U.S. Stablecoin Act, created clear rules for USD-pegged stablecoins.
The GENIUS Act changes that by requiring issuers to back every stablecoin with real dollars or safe assets like short-term government bonds, ensuring users can always redeem them at face value. It also demands monthly reports on reserves and bans misleading ads that might trick people into thinking these coins are government-guaranteed.
After this law, many major banks and financial institutions have decided to launch their own stablecoins, as it allows them to issue stablecoins under federal or state oversight.
JPMorgan Chase led the pack by introducing its own stablecoin-like digital currency, known as JPM Coin, for internal use. In August 2025, it rolled out a public stablecoin for cross-border transfers, which allows businesses to send money globally in seconds instead of days.
Similarly, Bank of America followed in September, partnering with payment networks like Zelle to launch USD-backed coins aimed at everyday users for bills and shopping.
CEO Brian Moynihan called it a “bridge to the future” by citing how it keeps funds secure within the bank’s trusted system.
Citigroup and Wells Fargo have also joined this latest trend in October after they announced a shared stablecoin project through a consortium. This joint venture will focus on business-to-business payments, like suppliers’ invoices, instantly.
