Western Union Remittance Stablecoin USDPT Launches in May! Also announced will be the release of the "Stable Card," supporting global card payments

Western Union, the leading cross-border remittance company, announced the launch of its stablecoin USDPT on the Solana blockchain in May, initially replacing SWIFT for B2B settlements.

Traditional cross-border remittance giant Western Union officially signals its entry into the cryptocurrency space. CEO Devin McGranahan announced last week that Western Union will launch its own stablecoin, “USDPT,” in May this year, and later this year will introduce a stablecoin payment card for global consumers.

Devin McGranahan stated during the Q1 earnings call on April 24 that the Solana-based stablecoin “USDPT” is in the final preparation stage and is expected to be officially launched next month. He emphasized:

Whether Western Union ventures into digital assets is no longer a question; the focus now is how quickly we can scale our operations. The core of this strategy is this dollar-pegged stablecoin, USDPT.

Replacing SWIFT with On-Chain Settlement

However, this stablecoin will not be immediately available to the general public. During the Q&A session, Devin McGranahan explained that USDPT’s primary purpose is to serve as an enterprise-level B2B solution, replacing the traditional SWIFT system (Society for Worldwide Interbank Financial Telecommunication) that Western Union currently relies on for fund settlements with global agents.

USDPT will be launched first in select countries and will facilitate on-chain settlements with key partners, enabling faster transaction processing and breaking the limitations of traditional banking holidays, allowing for year-round efficient fund operations.

Digital Asset Network (DAN) and the “Stable Card”

In addition to USDPT, Western Union is actively building a broader payment ecosystem, with plans to launch two major integrated services.

The first is the “Digital Asset Network (DAN).” This service will connect cryptocurrencies, including USDPT and others, to Western Union’s existing retail and agent network. Devin McGranahan revealed that the first DAN partnership is expected to go live this week, saying:

Through DAN, millions of crypto wallet users will be able to easily convert digital assets into local fiat currency via Western Union’s retail network. For customers, this experience is straightforward and user-friendly; for our agents, the process will be as familiar as before.

To further bring the convenience of USDPT and DAN directly to end consumers, Western Union plans to launch a “USD Stable Card” in dozens of markets by the end of this year, allowing consumers to store assets in stablecoins and make easy card payments worldwide.

Devin McGranahan stated: “For customers in inflation-sensitive markets, the stable card is highly attractive. Because in these regions, people urgently need dollar-denominated assets that preserve value, while also being able to use these assets for immediate, practical spending.”

Financial Results Gradually Stabilizing, Transformation as Market Test

Alongside Western Union’s aggressive push into digital assets, the company also reported a gradually stabilizing first quarter. The financial report showed that Western Union’s adjusted revenue for Q1 was $983 million, a slight 1% decrease compared to the same period last year, but a significant improvement of 400 basis points (a 4% increase) compared to Q4 last year.

Despite actively transforming and embracing blockchain technology, Western Union’s stock price fell 4.6% last Friday, closing at $8.90. Whether the stablecoin strategy can truly translate into profit momentum remains a key focus for investors.

• This article is reprinted with permission from: “Block Guest”
• Original title: “Western Union to Launch Own Stablecoin USDPT in May, Announces Global ‘Stable Card’”
• Original author: Block Sister MEL