The 175-year-old money-transfer big Western Union has formally launched a brand new stablecoin on the Solana (SOL) blockchain.
Western Union’s new USDPT coin is totally backed by US {dollars} and issued by Anchorage Digital.
Devin McGranahan, Western Union’s president and CEO, says the stablecoin will combine into the monetary big’s present cost techniques.
“USDPT reinforces Western Union’s function as a world funds platform. By integrating a regulated digital greenback straight into our community, we’re making a extra environment friendly settlement layer that helps companions, brokers and future client use circumstances — all whereas preserving the belief and scale that outline our model.”
Western notes it additionally plans to develop a digital asset community to attach crypto exchanges and custodians to its world payout and liquidity infrastructure.
The agency at present powers cross-border transfers in additional than 200 international locations, with cost companies using over 130 currencies.
Western Union’s new stablecoin, first introduced final October, materializes as the corporate reckons with declining revenues and a inventory worth that has tumbled by greater than 63% prior to now 5 years.
Regardless of the income decline, Western Union has remained worthwhile, with some market analysts suggesting the cash switch big’s share worth might rebound.
WU shares are buying and selling at $9.16 at time of writing and are down 2.55% prior to now 5 days.
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