The globally recognized international money transfer giant, Western Union, has made an exciting announcement: it is set to introduce a U.S. dollar-pegged stablecoin, named USDPT, on the Solana blockchain in 2026. Each unit of this stablecoin will be pegged to the value of 1 U.S. dollar and will be issued by Anchorage Digital Bank. Western Union is also exploring the possibility of incorporating USDPT into its digital wallet offerings, aiming to further streamline and enhance the convenience of cross-border transactions for its users.

Devin McGranahan, the CEO of Western Union, expressed his optimism about the potential of blockchain-based stablecoins. He stated that these digital assets present a significant opportunity to accelerate the speed of cross-border transfers, improve the efficiency of fiat currency exchanges, and provide a reliable store of value in economies prone to volatility. To make USDPT widely accessible, Western Union intends to collaborate with partner exchanges to facilitate its distribution. Additionally, the company plans to establish a robust digital asset network, enabling customers to seamlessly exchange USDPT for local fiat currencies at Western Union agent locations across more than 200 countries and regions worldwide.