Western Union to Bypass SWIFT with New Solana-Based Stablecoin

Western Union (WU) is set to modernize its 175-year-old payment infrastructure by introducing a proprietary U.S. dollar stablecoin, USDPT. CEO Devin McGranahan announced during a first-quarter earnings call that the digital asset is in the final stages of development and is expected to debut next month. The stablecoin, which will operate on the Solana blockchain and be issued via Anchorage Digital, is designed primarily as a backend settlement tool. By replacing the traditional SWIFT network for transactions between the company and its agents, Western Union seeks to bypass the limitations of legacy banking systems that only operate on business days. The shift to USDPT is expected to reduce the amount of capital tied up in the system and eliminate the two-to-three-day settlement delays common in several global markets. Beyond backend settlement, the company is developing the Digital Asset Network (DAN), allowing users of third-party crypto wallets to utilize Western Union’s retail locations for cash-outs. Later this year, the firm plans to introduce a 'Stable Card,' enabling customers in inflation-prone regions to hold and spend U.S. dollar-denominated value. This strategic pivot comes as Western Union faces intensifying competition from blockchain-native payment firms and fintech rivals like MoneyGram and Stripe, who are increasingly integrating stablecoin infrastructure to capture the cross-border remittance market.