175-year old fintech giant reveals plans to launch stablecoin on Solana

Core Insights - Western Union is launching a U.S. dollar-backed stablecoin named the U.S. Dollar Payment Token (USDPT), marking a significant development in its 175-year history [1] - The USDPT will be built on the Solana blockchain and issued by Anchorage Digital Bank, the first federally chartered crypto bank in the U.S. [1][3] - The stablecoin is part of a broader "Digital Asset Network" aimed at bridging fiat and digital currencies, facilitating transactions while maintaining access to cash-based services [2][3] Company Strategy - The introduction of USDPT is intended to streamline cross-border remittances, a sector known for high fees and slow transaction times [4] - Western Union's President and CEO, Devin McGranahan, emphasized that the USDPT will allow the company to control the economics associated with stablecoins [3] - The stablecoin is expected to debut in the first half of 2026, with access through partner exchanges [4] Industry Context - The Solana blockchain is gaining traction among traditional finance firms due to its speed, scalability, and low-cost transactions [7] - Other financial institutions, such as Fiserv and Visa, are also developing stablecoins and expanding their support for Solana, indicating a growing trend in the fintech space [8][9]