Western Union invests in digital assets with new USDPT stablecoin 

Global cross-border payments giant Western Union has diversified into digital assets, launching a new USDPT stablecoin on the Solana network. 

Solana Payments and Crossmints announced the development via their X handles, detailing the new stablecoin project.

The stablecoin project is powered by a partnership between Western Union and enterprise-grade API maker Crossmint. The partnership is bringing the new USDPT stablecoin to 360,000 cash locations in over 200 countries. 

Crossmint is tasked with powering wallets and the Payments API connected to the new Western Union Digital Assets Network. The API maker will also help bring the USDPT stablecoin to millions of users via the Solana Network. 

Crossmints aims to help Western Union gain a foothold in the highly competitive stablecoin market by leveraging Western Union’s existing payment network. 

“ Together we will help connect stablecoin payments to tens of thousands of Western Union on and off ramps worldwide,” Crossmint said, announcing the partnership. 

Western Union joins PayPal in launching a stablecoin as traditional payment giants diversify into digital assets to stay ahead of the curve. 

PayPal’s PYUSD has maintained its $1 peg since launch, with a current Market capitalisation of $4.2 billion. 

The Global Stablecoin market and its Key Players

Tether USDT still leads the stablecoin market in market capitalisation and market share. At Press time, USDT maintains its $1 peg with a market capitalisation of $183.9 billion. 

Circle’s USDC follows with a market capitalisation of $77 billion. Other fringe projects exist, like Ripple’s stablecoin, RLUSD, launched in 2024 as a Ripple Labs side project. It is still pegged to $1 with a market capitalisation of $1.6 billion. 

The market capitalisation of a stablecoin tells you how much of it is in circulation. It also, by extension, highlights how much collateral the stablecoin issuer is holding with the bank. 

It serves as proof of adoption, meaning that a high market capitalisation indicates that more retail and institutional investors have backed the project with real dollars to mint its token. 

Stablecoins are supposed to be the safest crypto assets to use because they are optimised to mitigate volatility. However, historical events beg to differ. 

In 2022, Terra USD, an algorithmic stablecoin, depegged from $1 to nearly $0.00, wiping out $45 billion in market value. The Terra USD crisis shows that factors like market capitalisation and the collateral backing a stablecoin are very important to consider before backing one.

Stablecoins are here to stay, as they present a solid use case for cross-border payments. Early this year, South Africa launched a stablecoin project amid a bear market. This proves that the digital asset is a strong candidate for long-term viability in the volatile world of cryptocurrency. 

Last updated: March 5, 2026