Western Union, a leader in global money transfers, announced its plan to launch a U.S. dollar-backed stablecoin (USDPT) on the Solana blockchain.

This initiative represents a major step by a traditional financial giant to integrate blockchain technology into its core operations. By building on Solana, Western Union aims to create a more efficient system for cross-border payments, leveraging the network's high speed and low transaction costs. The stablecoin will be issued by Anchorage Digital, a federally chartered crypto bank.

“We are committed to leveraging emerging technologies to empower our customers and communities,” said Devin McGranahan, President and CEO of Western Union. “As we evolve into the digital assets space, Western Union’s USDPT will allow us to own the economics linked to stablecoins. Separately, we are excited to announce our Digital Asset Network, a solution for the last mile of the crypto journey by partnering with wallets and wallet providers to provide customers with seamless access to cash off-ramps for digital assets by leveraging our global network. Our Digital Asset Network and USDPT will be an enabler in achieving our mission to make financial services accessible to people everywhere.”

The move signals a growing trend of established financial institutions exploring digital assets to modernize their services. The integration of a stablecoin into Western Union's network, which spans 150 countries, could significantly impact the global remittance landscape by providing a new channel for seamless, borderless money transfers.