Western Union Chooses Solana Blockchain for Stablecoin

Financial services company Western Union has said its stablecoin settlement system, which it announced in its third-quarter earnings call last week, will use the Solana blockchain.

Its stablecoin system will consist of the US Dollar Payment Token (USDPT) and the Digital Asset Network, which will be built in partnership with Anchorage Digital Bank, Western Union said on Tuesday

The company expects that USDPT will launch in the first half of 2026, providing customer access through partner exchanges to broaden accessibility, similar to how the PayPal USD (PYUSD) stablecoin is listed on Binance and other exchanges.

It added that the Digital Asset Network will serve as a cash off-ramp for the remittance platform’s more than 150 million customers, spread across over 200 countries and territories.

Speaking at the Money 20/20 USA conference in Las Vegas on Tuesday, Western Union CEO Devin McGranahan said his team, after comparing many other alternatives, concluded that Solana was the “right choice” for building an institutional-ready stablecoin platform.

“For 175 years, we’ve been connecting people, moving $150 billion a year. Digital assets is the next evolution.

We looked at alternatives, and came to the conclusion that Solana was the right choice.”

– Devin McGranahan, CEO, Western Union pic.twitter.com/8ni2b47ktk

— Solana (@solana) October 28, 2025

Traditional payment platforms are increasingly exploring blockchain for cross-border remittances, with proponents of the switch saying the technology is faster, cheaper, and more transparent compared to using traditional payment rails.

Zelle, MoneyGram make stablecoin moves

On Friday, the parent company behind payments platform Zelle said it would launch stablecoins to fuel faster cross-border payments, while MoneyGram announced in mid-September that it would integrate its crypto app in Colombia to offer a USDC (USDC) wallet for locals.