175-year-old financial giant Western Union has officially launched a new stablecoin on Solana (SOL) blockchain.
Western Union’s new USDPT currency is backed by US dollars and is provided by Anchorage Digital.
Devin McGranahan, Western Union President and CEO, he says The stablecoin will integrate with the payment system of the financial giant.
“USDPT strengthens Western Union’s position as a global payment platform. By integrating the digital dollar managed directly with our network, we are creating a better solution that supports partners, agents and consumer use cases in the future – all while maintaining the trust and scale that defines our brand.”
Western publications are also planning to create a digital network to connect crypto exchanges and regulators to its international payments and infrastructure.
The company currently has cross-border transfer capabilities in more than 200 countries, and payment services that support more than 130 currencies.
Western Union’s new stablecoin, first he announced Last August, it appeared as if the company was accounting for declining revenue and a stock price that has fallen 63% over the past five years.
Despite the drop in fees, Western Union has been profitable, along with other market experts meaning The remittance giant’s share price could rise again.
WU shares are trading at $9.16 at the time of writing and are down 2.55% in the last five days.
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