Western Union remittance stablecoin USDPT launched in May! Also announced the upcoming release of the "Stable Card," supporting global card payments.

Western Union, the leading cross-border remittance company, announced that in May it will roll out its stablecoin USDPT on the Solana chain, initially replacing SWIFT for B2B settlement.

Western Union (the traditional leader in cross-border remittances) has officially sounded the starting bell for its move into the cryptocurrency sector. Last week, company President and CEO Devin McGranahan announced that Western Union will launch its own stablecoin, “USDPT,” in May this year, and later this year it will introduce a stablecoin payment card for consumers worldwide.

Devin McGranahan said during the Q1 earnings call on April 24 that the Solana-based stablecoin “USDPT” has entered the final stages of preparation and is expected to make its official debut next month. He emphasized:

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

Replacing SWIFT with “On-Chain Settlement”

However, this stablecoin will not be made directly available to the general public at the outset. During the Q&A session, Devin McGranahan explained that USDPT’s first priority 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 to conduct fund settlement with global agents.

USDPT will be launched first in certain selected countries and will work with major agent partner(s) to carry out on-chain settlement, thereby enabling faster transaction processing and breaking the restrictions imposed by traditional bank holidays, achieving efficient fund operations year-round.

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

In addition to USDPT, Western Union is also actively building a broader payment ecosystem, previewing two major integrated services it plans to roll out.

First is the “Digital Asset Network (DAN).” This service will use USDPT and other cryptocurrencies to connect crypto wallets to Western Union’s existing retail and agent network. Devin McGranahan revealed that the first DAN cooperation partner is expected to go live this week, and he said:

Through DAN, tens of 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 quite simple and easy to use; for our agents, the operating process is also as familiar as before.

To further bring the convenience of USDPT and DAN directly to end consumers, Western Union will launch a “USD Stable Card (USD Stable Card)” in dozens of markets before the end of this year, allowing consumers to store assets in the form of stablecoins and make card payments conveniently around the world.

Devin McGranahan said: “For customers in inflation-sensitive markets, the stable card is highly attractive. Because in these regions, people urgently need value-preserving assets denominated in USD, while also wanting these assets to have immediate, practical use for spending.”

Financial results gradually stabilize; transformation is the key focus of market validation

While Western Union is aggressively pushing its digital asset strategy, the company has also delivered a gradually stabilizing first-quarter performance. The financial report shows that Western Union’s adjusted revenue for the first quarter was $983 million, down slightly by 1% compared with the same period last year, but it has improved significantly by 400 basis points (i.e., a 4% increase) compared with the fourth quarter of last year.

Despite the proactive pace of transformation and efforts to embrace new blockchain technologies, Western Union’s stock price fell 4.6% last Friday, closing at $8.9. Going forward, whether the stablecoin strategy can truly translate into profitable momentum will be a key focus for investors.

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