STABLECOINS | Western Union CEO Signals Intent to Move Away from the SWIFT Network

Western Union is exploring the launch of its own stablecoin as part of a broader push to overhaul how it settles cross-border payments, with CEO, Devin McGranahan, signaling the firm’s intent to move away from the traditional SWIFT network.

The 175-year-old money transfer company plans to use the stablecoin, expected to be a U.S. dollar–backed token, to handle internal settlement between agents and partners, rather than for direct consumer use. The initiative is aimed at replacing legacy correspondent banking rails with blockchain-based infrastructure that can process transactions faster and more continuously.

McGranahan said the effort is focused on modernizing the underlying payment system, describing the shift as less about retail crypto adoption and more about improving the back-end mechanics of global transfers.

The stablecoin, reportedly called USDPT and built on the Solana blockchain, is in its final stages and could launch as early as May 2026. It would enable near-instant settlement, including outside traditional banking hours, addressing long-standing delays associated with cross-border payments.

Initially, the rollout will be limited to select markets and key partners, forming part of a wider digital asset strategy that also includes a “Digital Asset Network” linking crypto wallets with Western Union’s global retail infrastructure.

The move reflects a broader industry trend of financial institutions experimenting with stablecoins to streamline payments, reduce costs, and improve efficiency—particularly in cross-border transactions where existing systems remain slow and expensive.

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