Western Union will release a stablecoin via the Solana blockchain in 2026, the company said Tuesday.
The international payments firm said in a joint announcement with the Solana Foundation that the new digital token will be called USDPT and issued by Anchorage Digital Bank.
"Western Union will provide users with access to digital assets, and we look forward to enabling the ability to send, receive, spend and hold USDPT through a seamless user experience supported by our global compliance and risk capacities," the announcement said.
"Our Digital Asset Network and USDPT will be an enabler in achieving our mission to make financial services accessible to people everywhere," the company added.
Western Union will also debut a "Digital Asset Network" that will enable "real world utility for digital assets." It did not reveal further details about whether the network would support other digital coins and tokens when contacted by Decrypt.
Denver, Colorado-based Western Union allows people to send money within the U.S. and to other countries.
Solana is the crypto network behind the sixth biggest digital coin by market capitalization, SOL. The blockchain is used for making payments or running decentralized applications like crypto exchanges or games.
Stablecoins were originally used primarily by traders to enter and exit crypto transactions without having to access traditional banking rails.
The stablecoin market has a market capitalization of nearly $312 billion, up nearly 50% in 2025. U.K. bank Standard Chartered has predicted the sector's value will hit $750 billion by the end of 2026, a sign of the growing interest in the asset by financial services giants, government and other organizations, and a more favorable regulatory environment for digital assets.
PayPal, JP Morgan and several U.S. states are working on issuing stablecoins. High-profile businesses say the tokens can be used to streamline payments. U.S. President Donald Trump in July signed the GENIUS Act into law, establishing a framework for issuing and trading stablecoins.
Tether's USDT dominates the sector with a $183 billion market cap, while Circle's USDC has a value of more than $76 billion. They third and seventh-largest cryptocurrencies.
Solana was recently trading near $203, up 2% over the past 24 hours and almost 6% for the week. In a Myriad prediction market, about two in three respondents do not expect Solana to hit an all-time high this year. Myriad is a unit of Dastan, the parent company of an editorially independent Decrypt.
UPDATE (October 28, 2025, 2:10 p.m. ET): Adds quotes from Western Union, background, including market value, for stablecoins.