BREAKING: Western Union, One of the Oldest Payment Companies, Announces Entry into the Cryptocurrency Market

Western Union, one of the world's most established payment networks, is taking an important step to adapt to the digital ￰0￱ company, which established the first transcontinental telegraph line in 1861, is preparing to officially enter the cryptocurrency world by issuing a dollar-backed ￰1￱ new digital asset, called “US Dollar Payment Token (USDPT),” will be built on the Solana blockchain and issued by Anchorage Digital ￰2￱ Union states that its more than 100 million customers will be able to transfer money internationally through this token, independent of local currency ￰3￱ launch is expected in the first half of 2026. “We may have moved a long way from the telegraph, but the idea of connecting people through technology has been in our DNA for 175 ￰4￱ transition to digital assets and stablecoins is a natural extension of that long journey,” said Devin McGranahan, CEO of Western ￰5￱ new stablecoin aims to make global remittances faster and more ￰6￱ it gains widespread acceptance among users, it could accelerate the growth of the Western Union stablecoin ￰7￱ company handles hundreds of billions of dollars in annual transaction volume, and Anchorage is the first cryptocurrency institution in the US to hold a federal bank ￰8￱ News: BREAKING: New Development in US-China Tariff Dispute Triggers Bitcoin Volality Western Union will also launch a new digital asset network featuring crypto wallet providers, allowing even non-Western Union customers to convert their crypto assets into local currencies at more than 400,000 physical ￰9￱ company had historically been wary of cryptocurrencies.

However, thanks to its stablecoin structure, which reduces volatility, regulatory clarity, and lower transaction costs brought by the Genius Act, signed into law by US President Donald Trump this year, Western Union is now more receptive to digital ￰10￱ Genius Act requires stablecoin issuers to back their tokens with safe assets like cash or short-term Treasury ￰11￱ Union's rivals, however, are a step ahead in crypto ￰12￱ launched its own stablecoin in 2023 in partnership with Paxos Trust and integrated the asset into its Xoom remittance service. MoneyGram, meanwhile, launched a wallet app in September that allows users to hold USD Coin (USDC).

Western Union announced in its third-quarter earnings report that it is testing stablecoin and blockchain technology in its treasury operations, aiming to speed up money transfers and reduce reliance on traditional correspondent bank ￰13￱ the company's shares have fallen more than 10% this year, while Circle Internet Group, the company behind USDC, has surged more than 300% following its IPO. *This is not investment ￰14￱ Reading: BREAKING: Western Union, One of the Oldest Payment Companies, Announces Entry into the Cryptocurrency Market