Bybit announced it has become the first major cryptocurrency exchange to integrate Western Union's USDPT stablecoin, allowing users to access the digital asset through the platform's fiat channels. The integration makes USDPT available for purchase and sale in local currencies across selected Latin American markets.

USDPT is a US dollar-denominated stablecoin issued by Anchorage Digital Bank, N.A. on the Solana blockchain. The token is redeemable 1:1 for US dollars and backed by reserves held at the national trust bank. Western Union (NYSE: WU) launched USDPT as part of its digital asset strategy.

The partnership enables users to buy USDPT with supported fiat currencies on Bybit or convert holdings back to those currencies. The companies stated the integration reduces the time needed from USDPT purchase to fiat conversion from days to minutes through Bybit's One-Click Buy feature.

"Making USDPT available through a leading global exchange like Bybit is a meaningful step in extending Western Union's network into the digital asset ecosystem," said Malcolm Clarke, Head of Digital Assets at Western Union.

Victoria Kilikyan, Deputy Head of Fiat at Bybit, said the partnership "shows crypto's potential as payment infrastructure" and represents "financial innovation that solves real problems for real people" who depend on remittances.

Bybit describes itself as the world's second-largest cryptocurrency exchange by trading volume, serving over 80 million users globally. The company was founded in 2018 and is headquartered in Dubai.

The integration is currently available to eligible users in selected Latin American markets, with terms and conditions applying to transactions.