Western union launches USDPT stablecoin with crossmint on solana

Western Union has joined forces with a blockchain payments firm to launch a new digital dollar token, even as Washington’s effort to regulate the crypto industry hits a wall.

The money transfer company said Wednesday it had partnered with Crossmint to bring its USDPT stablecoin to the Solana blockchain. The deal connects Crossmint’s wallet and payment tools to Western Union’s payout system, enabling fintech firms and developers to tap into the new token through the platforms they already use.

Through the USDPT token, users will be able to swap digital dollars for local currency at more than 360,000 Western Union cash pickup locations across more than 200 countries and territories. The company first mentioned the stablecoin in October 2025, with a planned launch in the first half of this year. Its network already moves money in more than 130 currencies through shops, bank accounts, and digital wallets.

Crossmint says it serves more than 40,000 clients and provides tools, including smart wallets and cross-chain stablecoin management. The company says its platform makes it easier for businesses to add stablecoin payments without heavy technical work.

Stablecoins have been drawing interest as a cheaper, faster option, with settlements happening almost immediately.

That is particularly relevant in economies where local currencies have lost value.

Chainalysis found in October 2025 that stablecoins account for more than half of crypto purchases made in Argentine pesos, Brazilian reals, and Colombian pesos on major exchanges across Latin America.

Former UN under-secretary-general Vera Songwe told a World Economic Forum panel in January that stablecoins are also gaining ground in Africa as a remittance tool, adding that money sent home by workers now outweighs foreign aid for the continent.

Banks pull plug on White House crypto deal

Back in the United States, the legislation meant to govern all of this is in trouble. Crypto bill talks broke down after banks said they could not support a White House compromise, doubting whether any law would pass before the year is out.

Trump, whose family has its own crypto token and who actively courted crypto donors during his campaign, went on Truth Social Tuesday to blast the banking industry. “We are not going to allow them to undermine our powerful Crypto Agenda,” he posted.

The bill, the Clarity Act, would set out rules for when digital tokens are classed as securities or commodities, and would create a framework for stablecoins.

Banks had already killed an earlier version in January over a provision that would have let crypto firms offer rewards on stablecoins, which lenders say could pull deposits out of banks. Standard Chartered has put that potential outflow at around $500 billion by the end of 2028.

The White House tried offering a solution last month with a compromise that would allow stablecoin rewards in limited cases, such as peer-to-peer payments, but not on money sitting idle. Crypto firms agreed to that. Banks did not. A banking industry source said lenders still believe even the narrowed terms could trigger deposit flight.

Industry warns July deadline or crypto reform dies

The crypto industry spent more than $119 million backing pro-crypto candidates in the 2024 elections. Now, with summer recess approaching and floor time in short supply, insiders say the clock is ticking.

“If this doesn’t get passed and put in front of the President’s desk, I’d say by July, I think everyone feels that, generally, that window will have been closed because of the mid-terms,” said Adrian Wall, managing director of the Digital Sovereignty Alliance. “It will be a tremendous setback that will be very difficult for us to overcome.”

The industry is not waiting around, as Western Union is not alone in moving fast.

Cryptopolitan reported recently that Visa and Bridge announced their stablecoin card program would be available in more than 100 countries by the end of the year. Bridge, a stablecoin infrastructure firm owned by Stripe, currently runs stablecoin-backed Visa cards in 18 countries. The expansion will extend that reach into Europe, Asia Pacific, Africa, and the Middle East.

If you're reading this, you’re already ahead. Stay there with our newsletter.