Western Union Remittance Stablecoin USDPT Launches in May! Also announced the upcoming 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.

Western Union, the traditional leader in cross-border remittances, has officially announced its entry into the cryptocurrency space. CEO and President Devin McGranahan stated last week that Western Union will launch its own stablecoin, “USDPT,” in May of this year, and later this year will introduce a stablecoin payment card for global consumers.

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

Whether Western Union is venturing 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 partner agents, enabling faster transaction processing, breaking the limitations of traditional banking holidays, and achieving high-efficiency fund movement year-round.

Digital Asset Network (DAN) and “Stable Card”

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

The first is the “Digital Asset Network (DAN).” This service will connect USDPT and other cryptocurrencies to Western Union’s existing retail and agent network. Devin McGranahan revealed that the first partner for DAN 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 remains 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 a value-preserving asset denominated in USD, which can also be used for instant, practical spending.”

Gradual Financial Recovery and Market Test of Transformation

While aggressively promoting its digital asset strategy, Western Union also reported a gradually stabilizing first-quarter earnings. The financial report showed that the adjusted revenue for Q1 was $983 million, a slight decline of 1% compared to the same period last year, but a significant improvement of 400 basis points (a 4% increase) compared to Q4 of last year.

Despite the active push for transformation and embracing blockchain technology, Western Union’s stock price fell 4.6% last Friday, closing at $8.90. Whether its stablecoin strategy can truly generate profit momentum remains 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