U.S. payment giant tests stablecoin settlement! Western Union announces the launch of USDPT next year, while VISA supports existing stablecoins.

U.S. payment giant tests stablecoin settlement! Western Union announces the launch of USDPT next year, while VISA supports existing stablecoins.

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America’s traditional payment giants are fully embracing stablecoin settlement systems. Western Union announced it will launch a USD payment token, USDPT, based on the Solana blockchain in the first half of 2026, while Visa stated it will add support for four stablecoins across four blockchains, allowing banks to directly mint and burn stablecoins.

According to media reports, Western Union CEO Devin McGranahan said at the Money 20/20 USA conference held in Las Vegas this Tuesday that, after comparing several options, the team believes Solana is the “right choice” for building an institutional-grade stablecoin platform. The company will work with Anchorage Digital Bank to build a digital asset network to provide crypto withdrawal services to its more than 150 million customers across over 200 countries and regions.

Visa CEO Ryan McInerney revealed in Tuesday’s earnings call that the added stablecoin support covers two currencies and can be exchanged for over 25 traditional fiat currencies. He pointed out that in Q4, Visa’s global consumer spending on stablecoin-linked card services grew fourfold year-over-year, with monthly transaction volumes now exceeding $2.5 billion annualized.

These moves come as the US stablecoin regulatory framework becomes clearer. After Trump signed the GENIUS Act in July this year, the US Treasury estimated the stablecoin market size at $311.5 billion, and expects it to reach $2 trillion by 2028.

Western Union chooses Solana to build stablecoin infrastructure

Western Union announced in last week’s Q3 earnings call that its upcoming stablecoin settlement system will comprise two parts: the USD payment token USDPT and the digital asset network. The company confirmed Tuesday that the entire system will be built on the Solana blockchain.

McGranahan stated that Western Union had been cautious about cryptocurrencies due to concerns over market volatility, regulatory uncertainty, and customer protection. However, the GENIUS Act’s passage has changed this stance. The company expects USDPT to go live in the first half of 2026, with customers able to access it via partnered exchanges, similar to how PayPal USD stablecoin is listed on Binance and other platforms.

The digital asset network will provide fiat withdrawal channels for Western Union’s customer base. This move comes just over three months after the company first disclosed stabilcoin integration plans in July this year.

Visa accelerates stablecoin banking services

Visa is rapidly expanding its stablecoin support. McInerney revealed the company will add support for four stablecoins across four different blockchains, though details were not disclosed. Visa currently supports Circle’s USDC and Euro Coin, PayPal USD, and Global Dollar, across networks like Ethereum, Solana, Stellar, and Avalanche.

McInerney noted that Visa sees particular growth momentum in the stablecoin space, facilitating $140 billion in crypto and stablecoin flows since 2020. The company’s stablecoin-related monthly transaction volume now exceeds $2.5 billion annualized.

Visa’s next key focus will be expanding stablecoin services for banks and traditional financial institutions, and promoting more cross-border transactions. Last September, the company launched the Visa Direct pilot, allowing banks and financial institutions to pre-fund cross-border payments using USDC and EURC. McInerney said Visa will continue strengthening its solution layer, enabling banks to mint and burn stablecoins themselves through the Visa tokenized asset platform.

Traditional payment platforms collectively shift to blockchain

Besides Western Union and Visa, many US payment platforms are advancing stablecoin strategies. Last Friday, Zelle’s parent company announced plans to launch a stablecoin to accelerate cross-border payments. In mid-September, MoneyGram announced the integration of its crypto app in Colombia, providing local users with USDC wallets.

Traditional payment platforms increasingly see blockchain technology as a solution for cross-border remittances. Supporters believe blockchain technology is faster, lower cost, and offers higher transparency compared to traditional payment rails.

Additionally, Walmart's fintech arm OnePay plans to add Bitcoin and Ethereum trading features to its platform as early as this year, via a partnership with crypto company Zerohash. OnePay, founded four years ago by Walmart and venture firm Ribbit Capital, is currently the fifth most popular free finance app in the Apple App Store, alongside fintech giants such as PayPal, Venmo, and Cash App.

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