Overview
- Western Union launched Stablecard as a Visa‑linked digital wallet that holds USDPT, a dollar‑backed stablecoin issued by Anchorage Digital Bank on the Solana blockchain, and the product is live in 37 markets with plans to expand later this year.
- Stablecard lets recipients receive remittances into a USDPT wallet, spend at Visa merchants worldwide, and convert on‑chain balances to cash at any of Western Union’s 380,000 agent locations through its Digital Asset Network.
- The company has not disclosed adoption figures for USDPT or Stablecard, leaving circulating supply, active users, and agent uptake unknown until future reporting.
- Blockchain settlement on Solana offers sub‑cent fees and high throughput, which can cut remittance settlement costs dramatically and risks compressing the FX spreads that have long driven Western Union’s profit margins.
- Under the GENIUS Act stablecoin reserves must be held in short‑term U.S. Treasuries and issuers keep the yield, creating a possible new revenue source for USDPT that could partly offset margin pressure if reserves grow materially.