- After the stablecoin-friendly GENIUS Act was passed in July, major remittance businesses started looking at stablecoins.
- According to Western Union, the introduction of USDPT is indicative of a larger trend in the development of global payments.
Launching its USDPT stablecoin on Solana, Western Union has taken its first step toward blockchain-based payments and onchain settlement for its worldwide remittance network.
While Western Union has stated its intention to spread the stablecoin to over 40 countries in 2026, one of the crypto infrastructure platforms participating in the launch, Fireblocks, said on Monday that USDPT is first being rolled out in Bolivia and the Philippines.
Banking on Stablecoin Growth
After the stablecoin-friendly GENIUS Act was passed in July, major remittance businesses started looking at stablecoins. With the announcement of intentions to provide stablecoin-powered cross-border payments in October, Zelle joined MoneyGram in September in delivering USDC (USDC) stablecoin services in Colombia.
According to Western Union, the introduction of USDPT is indicative of a larger trend in the development of global payments. They also predicted that in the future, more and more financial institutions would use regulated digital assets as their fundamental infrastructure.
Based on projections made by Citigroup and the US Department of the Treasury, the stablecoin market valuation might reach more over $2 trillion by 2030, from its present $317.3 billion.
The first US-based cryptocurrency bank to be subject to federal regulation, Anchorage Digital, is issuing USDPT, and the stablecoin’s wallet and settlement infrastructure are being provided by Fireblocks.
Western Union has announced its intention to link its regulated cryptocurrency exchanges to its larger payments and liquidity infrastructure, making USDPT accessible on such exchanges. With the introduction of USDPT in both Bolivia and the Philippines, 130 million individuals will have access to the stablecoin.
Western Union and other money transmitters have a chance to capitalize on the $174 billion remittance corridors in the Americas, according to Claudia Wang, a former top marketing officer of Bybit.
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