Western Union eyes stablecoin for global transactions

Western Union is preparing to launch its U.S. dollar stablecoin, USDPT, next month, aiming to revolutionize its global payment settlements. Initially, the stablecoin will function as an internal alternative to the SWIFT network, enabling real-time, 24/7 transactions between the company and its agents, thereby reducing reliance on slower, traditional banking systems. Beyond internal use, Western Union plans to introduce a Digital Asset Network for crypto cash-outs and a Stable Card for spending in inflation-sensitive markets, positioning itself to compete with emerging fintech and crypto payment firms.