The 175-year-old money-transfer large 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 large’s current cost methods.
“USDPT reinforces Western Union’s position 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 the moment powers cross-border transfers in additional than 200 international locations, with cost providers using over 130 currencies.
Western Union’s new stablecoin, first introduced final October, materializes as the corporate reckons with declining revenues and a inventory value that has tumbled by greater than 63% previously 5 years.
Regardless of the income decline, Western Union has remained worthwhile, with some market analysts suggesting the cash switch large’s share value might rebound.
WU shares are buying and selling at $9.16 at time of writing and are down 2.55% previously 5 days.
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