The Dubai-based crypto exchange Bybit has shown extended support for Western Union’s USDPT stablecoin, a decision that brings the payments titan’s digital dollar trading on a leading crypto platform for the first time. The announcement made by the company says that Western Union’s US dollar-pegged stablecoin, USDPT, is now available on Bybit for holding, trading, and transferring of funds. The integration grows USDPT beyond payments and into crypto trading, and increases the diversity of dollar-denominated stablecoins available to Bybit users.
Western Union Joins Growing List of Firms Entering Stablecoins
As this move comes into play, Western Union becomes a part of a growing list of financial institutions and payments companies entering the stablecoin market. In May, Western Union launched USDPT as part of its broader digital asset strategy. The stablecoin is distributed by Western Union Digital and is backed by reserves held at Anchorage Digital Bank. USDPT was originally launched on the Solana blockchain. Stablecoins continue to remain one of the fastest-growing sectors of the digital asset market despite the downfall in crypto prices. As per the data by DeFiLlama, the total value of dollar-pegged stablecoin has reached over $320 billion (roughly Rs. 30,39,680 crore).
The global payment service MoneyGram had also launched its own US dollar-pegged stablecoin, MGUSD, on the Stellar network as part of its broader push into blockchain-based payments and cross-border transfers. Meanwhile, Mastercard also announced on Friday that it is expanding its support for several stablecoins, which include USDC (USDC), PayPal USD (PYUSD), and Ripple USD (RLUSD), as the payment powerhouse goes all-in on digital asset settlement.
In April, Banking Circle announced the launch of its stablecoin settlement services after successfully receiving a Crypto Asset Service Provider (CASP) licence from Luxembourg’s financial regulator. The new offering will expand into providing fiat-to-stablecoin and stablecoin-to-fiat settlements for institutional investors. The solution fixes long-standing problems with traditional global settlement rails by combining the 24/7 availability of blockchain-based payments with the compliance, security, and risk management standards of a regulated bank.
Israel is another country that has embraced the shekel-pegged stablecoins by the virtual exchange Bits of Gold. The virtual exchange holds a license to engage in virtual currencies after a comprehensive examination process and a dedicated pilot that lasted about two years. This offering will take place in a limited scope. The regulator also clarified that approval is given to the BILS stablecoin after a two-year pilot program of the stablecoin on the Solana blockchain.
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