175-year-old money transfer giant Western Union has officially launched a new stablecoin on the Solana platform (Sol) Blockchain.
Western Union’s new USDPT is fully backed by US dollars and issued by Anchorage Digital.
Devin McGranahan, President and CEO of Western Union, He says The stablecoin will be integrated into the financial giant’s existing payment systems.
“USDPT strengthens Western Union’s role as a global payments platform. By integrating the regulated digital dollar directly into our network, we are creating a more efficient settlement layer that supports partners, agents, and future consumer use cases – all while maintaining the trust and scale that defines our brand.”
Western notes that it also plans to develop a digital asset network to connect cryptocurrency exchanges and custodians to the global payments and liquidity infrastructure.
The company currently operates cross-border transfers in more than 200 countries, with payment services using more than 130 currencies.
Western Union’s new stablecoin, first Announce Last October, this materialized as the company recognized declining revenues and a stock price that had fallen more than 63% in the past five years.
Despite declining revenues, Western Union has remained profitable, according to some market analysts suggestion The money transfer giant’s share price could rebound.
WU shares are trading at $9.16 at the time of writing and are down 2.55% in the past five days.
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