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Western Union Taps Solana And Anchorage Digital For USDPT Stablecoin
In a Tuesday joint press release with the Solana Foundation, Western Union revealed that the new digital token will be called the U.S. Dollar Payment Token (USDPT). The stablecoin will be issued by federally regulated digital asset bank Anchorage Digital Bank and be traded on unspecified partner exchanges.
“This partnership allows us to bring the benefits of digital dollars to our network and reach virtually every corner of the globe,” Western Union CEO Devin McGranahan said in a statement. “With Anchorage Digital as our regulated partner and Solana’s blockchain technology, we’re taking a meaningful step toward faster, more efficient, and more inclusive payments for our customers.”
The news comes a day after Western Union reported its Q3 results, which indicated a notable increase in digital wallet adoption. Digital wallets and account-based payouts now make up more than 50% of Western Union’s digital transactions, McGranahan stated in a Monday earnings call.
Western Union is no stranger to the blockchain industry, specifically for remittances. The remittance giant had a longstanding experimental relationship with San Francisco-based blockchain payments company Ripple, starting as early as 2018, for international transfers. In July, McGranahan told Bloomberg that stablecoins are an “opportunity, not a threat,” for the international money transfer company.
 
During Monday’s earnings call, he indicated that Western Union had been exploring digital asset integrations in recent months, partly encouraged by the passage of the first significant crypto bill, the GENIUS Act.
Apart from the forthcoming launch of the USDPT stablecoin, Western Union is also planning to introduce a new Digital Asset Network that will enable “real-world utility for digital assets.” The system will allow users to cash out digital assets via the company’s global network of agents and partners.
“Our Digital Asset Network and USDPT will be an enabler in achieving our mission to make financial services accessible to people everywhere,” the company explained.
Western Union Rivals Have Been Making Similar Moves
Early Warning Services, the parent company of payments platform Zelle, recently announced that stablecoins will be integrated into Zelle to facilitate cross-border transactions for money flowing to and from the United States.
Moreover, MoneyGram intends soon to launch its Stellar network-powered crypto app in Colombia, allowing locals to save in Circle’s USDC stablecoin and receive and transfer it abroad almost instantly.
Meanwhile, the total market cap of the stablecoin sector has ballooned to roughly $312 billion, up almost 50% this year, according to CoinGecko data.