Western Union (NYSE: WU) launched USDPT, a U.S. dollar-denominated stablecoin built on the Solana blockchain, according to a company statement. The digital asset is issued by Anchorage Digital Bank N.A., the first federally regulated crypto bank in the United States, and is fully backed by U.S. dollars.

The stablecoin operates within Western Union's payment systems and is designed to serve as a settlement layer for the company's global network. USDPT functions on Solana's blockchain infrastructure, which the company says eliminates latency associated with traditional correspondent banking systems.

"USDPT reinforces Western Union's role as a global payments platform," said Devin McGranahan, Western Union's President and CEO. "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."

Western Union outlined four planned services for USDPT implementation. The company will make the stablecoin available for purchase on licensed virtual currency exchanges and connect these exchanges to its global payout infrastructure through a Digital Asset Network. A consumer-facing spending capability called "Stable by Western Union" is scheduled to launch in 2026 across more than 40 countries.

The stablecoin will also enable settlement between Western Union and its global agents, allowing the company to reduce idle balances and deploy liquidity across its network. This settlement capability operates continuously without traditional banking hour restrictions.

Nathan McCauley, Co-Founder and CEO of Anchorage Digital, noted that scaling stablecoins into payment networks requires regulatory alignment and operational infrastructure beyond technology alone. Lily Liu, President of Solana Foundation, stated that Solana's design enables assets like USDPT to move with the speed required for financial settlement.

The information is based on a Western Union press release statement.