Bybit announced it has become the first major cryptocurrency exchange to integrate Western Union's USDPT stablecoin, enabling users in select Latin American markets to buy and sell the digital asset using local currencies.

The integration allows Bybit users to access USDPT, a US dollar-denominated stablecoin issued by Anchorage Digital Bank on the Solana blockchain, through the exchange's fiat channels. Users can purchase USDPT with supported fiat currencies or convert holdings back to local currencies.

USDPT is backed 1:1 by US dollar reserves and is designed to operate within traditional payment systems while utilizing blockchain settlement. The stablecoin combines Western Union's compliance and distribution network with blockchain technology for around-the-clock settlement capabilities.

"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, stated that the partnership "marks a meaningful step for crypto adoption" by connecting an established financial institution with a crypto exchange through a regulated stablecoin network.

The integration reduces transaction times from days to minutes for USDPT purchases and fiat conversions. Bybit describes itself as the world's second-largest cryptocurrency exchange by trading volume, serving over 80 million users globally.

Western Union (NYSE: WU) operates money transfer services across more than 200 countries and territories. The company launched USDPT as part of its digital asset strategy to create settlement networks that operate continuously, unlike traditional systems limited to business days.

The service is now available to eligible Bybit users in Latin America through the platform's One-Click Buy feature, according to the companies' joint press release.