A US dollar-denominated USDPT stablecoin was recently rolled out by Western Union on the Solana blockchain, as the firm forays into blockchain-based payments and on-chain settlements for its global remittance network. Fireblocks, which is one of the crypto infrastructure platforms involved in the launch, said that USDPT is initially releasing in Bolivia and the Philippines, while the company said that it plans to expand this stablecoin to more than 40 countries in 2026. Since the passage of the stablecoin-friendly GENIUS Act in July 2025, major payment companies have shown interest in stablecoins.
Payment Firm Expands Into Blockchain-Based Settlement Infrastructure
USDPT is being issued by a crypto infrastructure firm called Anchorage Digital, the first federally regulated crypto bank in the US, while Fireblocks plays the role of providing the wallet and settlement infrastructure for the stablecoin. Western Union has confirmed that it intends to make USDPT available to crypto exchanges that are licensed and connect them to its broader payments and liquidity infrastructure. USDPT’s launch in Bolivia and the Philippines makes the stablecoin available to a combined 130 million people.
In a press release Western Union said that this launch is a reflection of a broader shift in how global payments are evolving, further adding that more financial institutions will adopt regulated digital assets as core infrastructure going forward. The President and CEO of the company explained that “By integrating a regulated digital dollar directly into our network, we’re creating a more efficient settlement layer that supports partners, agents, and future consumer use cases — all while preserving the trust and scale that define our brand.”
In April, the Federal Deposit Insurance Corporation (FDIC) in the US had proposed a new regulation where they want to enact a new set of rules that will control Stablecoin Issuing to investors, and is in line with the GENIUS Act. This law requires that every stablecoin must be backed 1:1 with real assets. If there are $1 billion worth of stablecoins in circulation, the issuer must hold $1 billion in actual reserves, without any exceptions. This law will also set reserve, redemption, capital, risk management, and custody standards for stablecoin issuers and insured depository institutions under its supervision.
This move showcases how traditional payment firms are increasingly exploring ways to make stablecoins as part of their broader settlement and payment infrastructure. While stablecoin transactions are estimated to cross $1.5 quadrillion (roughly Rs. 1,39,50,00,000 crore) within the next decade as the millennials and Gen Z are more crypto native than the previous generation, which is why it would be interesting to see how these generations adjust and adapt to such moderations.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
