Western Union plans to launch USDPT, a dollar-pegged stablecoin on Solana, partnering with Crossmint to enhance payment options globally.
Western Union is preparing to unveil a new dollar-pegged stablecoin, USDPT, built on the Solana blockchain, in collaboration with Crossmint, a Web3 platform.
A pivotal development for the stablecoin sector.
Crossmint is partnering with @WesternUnion to launch their USDPT stablecoin on @solana, making it accessible to millions.
We will connect stablecoin payments to thousands of Western Union locations globally. pic.twitter.com/x5bSy7rnal
— Crossmint (@crossmint) March 4, 2026
To support this initiative, Western Union will establish a Digital Asset Network platform. Crossmint will supply the necessary technology, including cryptocurrency wallets and payment APIs.
USDPT's standout feature will be its ability to convert directly into various national currencies, allowing users to withdraw digital dollars at 360,000 Western Union locations across over 200 countries.
This development will empower third-party fintech applications to perform real-time transactions on the Solana blockchain and facilitate direct fund transfers to cash-out points.
Malcolm Clark, Western Union's Vice President of Digital Assets, remarked that this collaboration will effectively bridge the digital economy with traditional cash payment systems. Crossmint co-founder Rodrigo Fernandez Touza emphasized that stablecoins are quickly becoming the norm for international remittances.
Growth of Stablecoins on Solana
The selection of the Solana network, often referred to as the "people's cryptocurrency," is driven by recent market trends. Grayscale reported substantial growth in the stablecoin sector on Solana in February.
Allium noted that transaction volumes soared to $650 billion, surpassing the previous record from October of last year. Consequently, Solana has emerged as a leading blockchain in this area over the past month.
Grayscale analysts pointed out the "depth and diversity" of on-chain activities on Solana, which excels in user engagement, transaction volume, and fee sizes.
Experts have identified stablecoins as a key factor in accelerating cryptocurrency adoption, suggesting that Solana is well-positioned to capture a significant share of the retail payment market.
Notably, Western Union had previously announced a pilot project for stablecoin transactions in October 2025.
