Western Union Launches USDPT Stablecoin on Solana Network

Western Union integrates Solana for its new USDPT stablecoin, enabling crypto-to-cash redemptions at 360,000 global locations via Anchorage Digital.

The token will be issued by Anchorage Digital Bank, a federally chartered crypto bank in the US, while the wallet infrastructure and payment APIs will be provided by Crossmint.

Global payments giant Western Union is rolling out USDPT on Solana, powered by Crossmint’s wallet and payment APIs, with redemption available at 360,000 cash locations across 200+ countries.

Why Solana Instead of Ethereum

The choice of Solana is primarily driven by cost and speed. Transaction fees on the network are exceptionally low—approximately 0.000005 SOL, which equates to fractions of a cent. Furthermore, operations are finalized in seconds, a critical requirement for global-scale payment infrastructure.

According to Western Union CEO Devin McGranahan, the combination of high throughput, fast transaction settlement, and minimal fees was a decisive factor in selecting the network.

A Digital Network to Bridge Crypto and Cash

A more significant part of the strategy involves creating a new Digital Asset Network (DAN)—an infrastructure designed to connect digital assets with Western Union’s physical network. The company operates over 360,000 locations in more than 200 countries, allowing users to convert crypto into cash virtually anywhere in the world.

This so-called “last mile”—the ability to cash out digital assets at a local store or agent—remains one of Western Union’s primary advantages over traditional crypto-payment platforms.

A Massive Market With High Fees

The global remittance market is valued at between $600 billion and $700 billion annually, with Western Union processing approximately $103 billion to $150 billion of that volume. The average fee for an international transfer remains around 6.5%, which the World Bank identifies as a significant burden for low-income households.

Blockchain-based transfers could significantly reduce these costs. Analysts believe that the use of stablecoins can lower transfer prices by up to 50%, ensuring more funds remain with the sender and recipient rather than intermediaries.

Part of a Broader Trend

Western Union is not the only company pivoting toward stablecoins. PayPal has already launched its PYUSD on Solana, and MoneyGram integrated USDC on the Stellar network for low-cost international transfers.

Currently, USDC remains the largest regulated stablecoin on the market with approximately $73.7 billion in circulation and roughly a 24% market share, highlighting the growing role of stablecoins in the global payment infrastructure.