Western Union Uses Solana Blockchain For New Stablecoin Systems

JAKARTA - Global financial services company Western Union announced that its stablecoin completion system will use the Solana blockchain, as part of a strategic move into the era of digital assets.

Announced during last week's third-quarter earnings call, the stablecoin system will consist of a US Dollar Payment Token (USDPT) and a Digital Asset Network, which will be built in partnership with the Bank's Western Union's Digital Anchorage.

The company expects USDPT to launch in the first half of 2026, with a system similar to the USD PayPal (PYUSD) stablecoins that have been listed on Binance and a number of other crypto trading platforms.

Additionally, the Digital Asset Network will serve as cash off-ramp for Western Union remittance services, currently used by more than 150 million subscribers across more than 200 countries and territories.

"For 175 years, we've been connecting people, moving 150 billion US dollars per year. Digital assets are the next evolution. We see an alternative, and come to the conclusion that Solana is the right choice," said Devin McGranahan, CEO, Western Union.

The Western Union move adds to the list of major payment companies that are starting to adopt blockchain technology for cross-border remittances. Some users also claim that this technology is faster, cheaper and transparent than conventional payment systems.

The US Treasury Department in April 2025 estimated the market value of stablecoins to reach US$311.5 billion (Rp5,170 trillion), and is predicted to grow to US$2 trillion (Rp33,200 trillion) in 2028.