Western Union to Launch Ripple’s Stablecoin Rival, USDPT, on Solana

Global payment giant Western Union is set to launch a stablecoin to rival Ripple Labs’ stablecoin, RLUSD. The U.S. Dollar Payment Token (USDPT) will be deployed on the Solana blockchain. Solana Daily, a platform that informs the community of the latest happenings, shared the update on X.

Western Union partners with Crossmint for stablecoin infrastructure

Notably, Western Union is collaborating with Crossmint to ensure widespread utility. Crossmint will provide the technical infrastructure, such as digital wallets for users and an API for businesses to integrate payments. It will also provide the backend systems for issuing and redeeming the stablecoin.

For its part, Western Union will handle the global financial network across more than 200 countries across the world. The aim is to merge cryptocurrency payments with traditional remittances.

The move was first announced in October 2025, and USDPT on Solana is likely to compete with RLUSD. This is because Solana is known for its speed and low transaction fees for global payments. If users find it efficient, there could be a preference for Western Union’s USDPT on the blockchain.

The global payment giant has already guaranteed that the stablecoin will be redeemable via 360,000 cash locations. This is to provide digital assets to users with real-world cash access.

Many in the crypto community have lauded the move as a clear indication of growing institutional adoption. Some noted that it could bring crypto access to millions, courtesy of the massive infrastructure that Solana has invested in over the years.

With USDPT, one thing is certain in the stablecoin sector: competition for market base and service delivery. Besides RLUSD, all the other players, including leaders such as Tether (USDPT), Circle (USDC) and Paypal would need to be innovative to stay relevant in the space.

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Will USDPT intensify stablecoin competition?

It is worth mentioning that the U.S. Dollar Payment Token has an uphill battle to fight to gain acceptance among users in the crypto space. Beyond relying on the reputational speed and low fees that Solana offers, it might need to forge strategic partnerships.

Ripple’s USD stablecoin, which launched in December 2024, used this route to break into a market already dominated by USDT and USDC. So far, RLUSD has been making significant progress, with collaborations in the Middle East and Africa regions.

Its market capitalization has soared to over $1.5 billion, and it is now ranked 45th within the space of 15 months after its launch.