Western Union picks Solana for its stablecoin and crypto network

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.

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.

GENIUS Act boosts stablecoin plans

The rise in stablecoin adoption coincides with increased regulatory clarity in the US following the signing of the stablecoin-focused GENIUS Act into law by President Donald Trump in July.

Last week, McGranahan said Western Union initially refrained from crypto due to concerns with market volatility, regulatory uncertainty, and customer protection; however, passage of the GENIUS Act changed that course.

The US Treasury Department estimated in April that the stablecoin market was worth $311.5 billion and is estimated to reach $2 trillion by 2028.

Western Union’s move into the stablecoin arena comes a little over three months after it first hinted at plans to integrate stablecoins in July.