Western Union will launch its U.S. dollar-backed stablecoin USDPT on Solana in May, CEO Devin McGranahan confirmed on the company’s Q1 2026 earnings call. The token will function initially as a backend settlement rail — an alternative to the SWIFT network used today for transactions between Western Union and its global agents — rather than a consumer-facing product at launch.
McGranahan framed the announcement as a strategic pivot: “It is no longer a question of if Western Union will be active in digital assets; it is now how fast we can scale.” USDPT is issued by Anchorage Digital Bank, a federally chartered institution, with U.S. Bank providing custody. Western Union selected Solana for its settlement capacity and cost structure; the network processed a record $650 billion in stablecoin volume in February — more than double its prior monthly high.
The core problem USDPT solves is latency. Western Union’s current SWIFT-based agent settlements take two to three business days and go dark on weekends and bank holidays. On-chain settlement processes around the clock, reducing both float and capital pre-funding requirements at agent locations.
Alongside USDPT, the company is activating the Digital Asset Network (DAN), an API layer connecting crypto wallets to its 360,000-plus retail payout locations across more than 200 countries. The first DAN partner went live the week of April 27; seven additional partners are expected before year-end. Through DAN, wallet holders can convert digital assets into local currency at Western Union agents without additional infrastructure.
A third product, the USD Stable Card, is planned for later in 2026 across dozens of markets. The card will allow consumers to hold stablecoin balances and spend globally through card networks. McGranahan called it “particularly compelling in inflation-sensitive markets where customers want dollar-denominated value with immediate practical utility.”
Western Union reported Q1 GAAP revenue of $983 million, flat year-over-year. Branded digital revenue rose 6%, with digital transaction volume up 21%. The company’s stock closed at $8.90 on the day of the call, down 4.6%.
The launch adds Western Union to a wave of incumbents entering stablecoins on their own terms. Wells Fargo has filed a WFUSD trademark, Citigroup is reportedly developing a proprietary token, and a consortium of 12 European banks is targeting a fiat-backed stablecoin in the second half of 2026. The total stablecoin market currently stands near $320 billion in capitalization. Per a Juniper Research report published April 27, cross-border business-to-business stablecoin payments are projected to reach $5 trillion annually by 2035, up from roughly $13 billion today — with 85% of that value driven by international B2B flows.
