Western Union eyes May debut for dollar-backed USDPT stablecoin

Western Union has set a May target to roll out its USDPT stablecoin as it plans to embed digital assets into its global payments network.

According to the company’s first-quarter earnings call, executives signalled that the project has moved beyond early-stage planning and is now close to launch.

“It is no longer a question of if Western Union will be active in digital assets; it is now how fast we can scale,” said CEO Devin McGranahan.

“At the foundation of our strategy is USDPT, our US dollar-backed stablecoin. USDPT is now in its final stages of readiness and is expected to go live next month,” he added.

Western Union’s move builds on plans first outlined in late 2025, when the firm confirmed it would issue USDPT on the Solana blockchain in partnership with Anchorage Digital Bank.

Designed as a dollar-pegged token, the stablecoin is intended to support faster cross-border transfers while reducing reliance on traditional correspondent banking systems.

A strong network of partners

Within Western Union’s rollout plan, exchange partners will handle access, conversion, and distribution of USDPT, while banking and financial institutions in key remittance corridors will support settlement and treasury use cases.

McGranahan believes these relationships position USDPT “as a foundational asset for scaling digital payments and settlement across our platform.”

The company is already developing its digital asset network, designed to move cryptocurrencies and stablecoins across its global payment rails while linking them to cash access points.

Past reports suggest the network will allow users to convert digital dollars into local currency at more than 360,000 collection points worldwide, extending Western Union’s reach into physical cash infrastructure.

Stablecoin card and high-inflation markets

Western Union is also looking to launch a US dollar stablecoin card, expected later this year, which will allow users to hold and spend digital dollars directly.

Internal discussions and prior disclosures pointed to markets such as Argentina, where inflation has exceeded 200% in 2023, as key targets for stablecoin-backed prepaid cards that preserve value for remittance recipients.

The firm has worked with Rain to issue Visa-linked cards that convert digital assets into local currency at Western Union locations, while also building on-ramps and off-ramps within its ecosystem to reduce dependence on traditional banking rails.