Western Union launches Stablecard for cross-border payments on Solana

Western Union has partnered with stablecoin infrastructure provider Rain to launch Stablecard, a digital wallet that enables users to hold, receive, transfer and spend USDPT, a US dollar-backed stablecoin issued by Anchorage Digital Bank on the Solana blockchain.

The product launched in 37 markets with Western Union aiming to expand to more than 60 by the end of the year. Users can receive Western Union money transfers directly into a USDPT wallet, transfer funds to compatible crypto wallets and exchanges, and spend their balances anywhere Visa is accepted, including through Apple Pay and Google Pay.

The launch reflects Western Union's effort to expand its role in the global remittance market as stablecoins gain traction for cross-border payments. The product targets remittance recipients and consumers in countries with volatile local currencies, offering them the ability to hold savings in a dollar-backed digital asset while spending through existing payment networks.

Western Union unveiled USDPT in May as part of its broader digital asset strategy, describing it as aligned with the GENIUS Act, the US law setting federal rules for payment stablecoin issuance and oversight. The company has expanded the token's ecosystem through exchange partnerships, with Bybit adding support for USDPT trading in June.

Established competitors are following suit. MoneyGram recently launched MGUSD, a US dollar-pegged stablecoin on the Stellar network designed to integrate with its app through a self-custodial wallet, allowing users to hold dollar-denominated balances and send funds globally.