Western Union has introduced a U.S. dollar-denominated stablecoin on the Solana blockchain, positioning the token as a round-the-clock settlement asset for its cross-border payment network spanning more than 200 countries. 

The company will initially roll out USDPT in the Philippines and Bolivia, according to a statement on Monday. The token is designed to support treasury management and transaction settlements, enabling near-instant 24/7 transfers between Western Union and its global agents. 

USDPT will be fully backed by U.S. dollars and issued by Anchorage Digital Bank N.A., the first federally regulated crypto bank in the United States. Fireblocks was tapped to provide the wallet, settlement, and financial operations infrastructure.

By making USDPT available on licensed virtual currency exchanges, the asset will expand access to Western Union's global payout and liquidity infrastructure, the company said. It will also support its consumer-facing "Stable by Western Union" feature launching in 2026 across more than 40 countries.

The move comes as the total supply for U.S. dollar-backed stablecoins has eclipsed $300 billion, according to The Block’s data dashboard. Tether’s USDT and Circle’s USDC currently dominate the sector, accounting for approximately $189.6 billion and $77.6 billion of that total, respectively.

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Western Union is not alone in expanding stablecoin infrastructure. Visa said last week its stablecoin settlement pilot reached a $7 billion annualized run rate after adding five blockchains, bringing total network support to nine, while supporting more than 130 stablecoin-linked card programs across over 50 countries.