Overview
- The US Dollar Payment Token (USDPT) will run on Solana with Anchorage Digital Bank serving as issuer and custodian under Western Union’s Digital Asset Network.
- Access is slated through partner exchanges plus cash off-ramps across Western Union’s global agent footprint so customers can send, receive, hold and spend the token.
- CEO Devin McGranahan said Solana was selected after evaluating multiple blockchains due to its throughput, low fees and readiness for institutional-scale remittances.
- Western Union has begun pilots using stablecoins to reduce reliance on correspondent banking with goals of faster settlement and improved capital efficiency.
- William Blair highlighted potential operating benefits as Western Union shares rose about 6.5% on the announcement, with further details expected at a Nov. 6 investor day.