Financial services firm Western Union is aiming to launch its USDPT stablecoin in May, marking a key step in its broader crypto strategy that also includes a digital asset network and a US dollar-backed stable card.
Speaking during the company’s first-quarter earnings call on Friday, CEO Devin McGranahan said Western Union has reached a turning point in its digital asset ambitions, shifting focus from whether to participate to how quickly it can scale. He noted that USDPT, the firm’s dollar-backed stablecoin, is in its final stages of development and expected to go live next month.
The move comes as more traditional financial institutions explore stablecoins. Industry players across Europe are increasingly partnering with infrastructure providers to support adoption, reflecting growing institutional interest in the sector.
Western Union first unveiled USDPT in October, stating it would be built on Solana and issued by Anchorage Digital Bank. The company plans to integrate the token with its digital asset network to enable seamless usage.
According to McGranahan, exchange partners will handle access, conversion and distribution of USDPT, while banking and financial partners in key corridors will support settlement and treasury applications. He added that these collaborations will help position USDPT as a core asset for scaling digital payments and settlement across Western Union’s platform.
US dollar-pegged stablecoins currently dominate the roughly $320 billion market. Tether’s USDT leads with a market cap of over $189 billion, followed by Circle’s USDC at around $77 billion, with other players trailing behind, according to DeFiLlama data.
Digital asset network to debut with first partner
McGranahan said Western Union’s digital asset network (DAN) — designed to enable stablecoins and other cryptocurrencies to move across its global payments system while connecting to real-world cash access — will onboard its first partner this week.
He added that the company’s partner pipeline already spans tens of millions of crypto wallets worldwide, creating a strong distribution channel that links digital asset users directly to Western Union’s retail and digital network. This, he said, addresses a key industry challenge by providing a safer and more efficient bridge between crypto and cash.
Last month, Western Union said its digital asset network (DAN) would enable users to convert digital dollars into local currencies at more than 360,000 cash pickup locations worldwide.
Stable card planned for later this year
The company is also preparing to roll out a US dollar-denominated stable card, which will allow users to store and spend stablecoins later this year. McGranahan added that digital assets are set to become a core component of Western Union’s platforms going forward.
“The focus ahead is scaling, expanding adoption, increasing velocity, and embedding digital assets more deeply into Western Union’s core money movement platform.”
