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Western Union Remittance Program to Launch USD Stablecoin USDPT Next Month
Western Union CEO and President Devin McGranahan stated during the Q1 earnings call that its Solana-based USD-backed stablecoin USDPT has entered the final preparation stage and is expected to launch next month. McGranahan said that USDPT will not be launched as a consumer-facing stablecoin but as a company’s current alternative to settle with agents via the SWIFT network, initially used for on-chain settlements with major partners in select countries. Western Union will also launch the Digital Asset Network, connecting crypto wallets to its existing retail and agent network, with the first network partner expected to go live this week; the company plans to roll out USD Stable Card in dozens of markets later this year, allowing consumers to store value in stablecoins and make payments worldwide. (The Block)