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The payment giant Western Union has announced the launch of its own stablecoin. This digital asset, dubbed USDPT, will be pegged to the US dollar and deployed on the Solana blockchain. The Web3 platform Crossmint will act as a technology partner, which will provide the necessary infrastructure for working with cryptocurrency.

To ensure the operation of the USDPT, Western Union will create a Digital Asset Network platform. Crossmint, in turn, will integrate cryptocurrency wallets and payment APIs, which will allow users to easily interact with the new asset.

The main advantage of USDPT is the ability to easily convert into regular money. Recipients of transfers in stablecoins will be able to cash them directly at Western Union branches. The company's network includes about 360,000 locations worldwide, which will allow USDPT to be exchanged for local currency almost anywhere in the world.

In addition, this integration will give third-party fintech applications access to the Western Union infrastructure. Developers will be able to conduct transactions through Solana, sending funds directly to cash dispensers, bypassing traditional banking systems. This can significantly reduce the cost and speed up international transfers.

The choice of Solana as the basis for USDPT is justified by the market situation. Grayscale analysts note the rapid growth of stablecoins in this particular network in February. Allium cites impressive figures: the volume of transactions with stablecoins on Solana has reached $650 billion, which is more than double the previous record. Thus, Solana has become the leader in terms of stablecoin transactions, proving its ability to handle large transaction loads.