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Western Union Enters Stablecoin Race With USDPT Launch On Solana

A mixed 130 million individuals in Bolivia and the Philippines now have entry to Western Union’s new digital greenback, USDPT — a US dollar-backed stablecoin working on the Solana blockchain.

A Big Name Makes Its Blockchain Debut

Western Union, which strikes cash for greater than 150 million prospects throughout greater than 190 international locations, has made its first transfer into blockchain-based funds.

The firm launched USDPT on Monday, marking a big shift for one of many world’s oldest and largest cash switch networks. Plans are already in place to roll the stablecoin out to greater than 40 international locations earlier than the top of 2026.

The infrastructure behind USDPT entails two main gamers within the crypto area. Anchorage Digital, the primary federally regulated crypto financial institution within the US, is issuing the stablecoin.

Fireblocks, a crypto infrastructure agency, is dealing with pockets and settlement operations. Western Union stated it additionally plans to make USDPT accessible on licensed crypto exchanges and join them to its broader payments and liquidity community.

Remittance Giants Eye Blockchain Rails

Western Union just isn’t alone on this push. MoneyGram began providing USDC stablecoin companies in Colombia in September. Zelle introduced plans for stablecoin-powered cross-border transfers in October.

The wave of exercise amongst remittance firms follows the passage of the GENIUS Act in July, a bit of US laws extensively seen as favorable to stablecoin growth.

Western Union stated the launch displays a broader shift in how international funds are transferring, and that extra monetary establishments are anticipated to undertake regulated digital belongings as core infrastructure going ahead.

The Philippines was a pure selection for an early rollout. Remittances make up a big a part of the nation’s financial system, and experiences observe that corridors between the US and Central America are increasing quick.

According to Bybit’s former chief advertising and marketing officer, Claudia Wang, many routes inside Latin America — equivalent to from Argentina to Bolivia — have been largely untouched by crypto-based cost programs, making them ripe for brand spanking new entrants. She described the Americas as a $174 billion remittance market.

Room To Grow In A Fast-Expanding Market

The stablecoin market is already giant and extensively anticipated to get a lot bigger. Data exhibits the whole market cap presently stands at $317 billion.

Both the US Department of the Treasury and Citigroup have projected that determine might climb previous $2 trillion by 2030.

Featured picture from Unsplash, chart from TradingView

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