Global payments giant Western Union has outlined an ambitious digital asset strategy focused on providing stability in volatile economies. Chief Financial Officer Matthew Cagwin detailed the plans during a presentation at the UBS Global Technology and AI conference. The initiative marks a strategic expansion for the company beyond its core cross-border payments business. Stable Card to Protect Remittance Value A central component is the development of a “stable card” designed to protect users in regions suffering from hyperinflation. Cagwin specifically cited Argentina, where annual inflation has recently reached between 250% and 300%. He illustrated the problem by noting that remittances can lose nearly half their value within a single month under such conditions. “Imagine a world where your family in the US is sending you $500 home, but by the time you spend it in the next month, it’s only worth $300,” Cagwin said. He described the stable card as “an increment to our prepaid card we have today here in the US.” Company Plans to Issue Proprietary Digital Coin The company also intends to issue its own digital coin, leveraging its vast distribution network across 200 countries. Cagwin believes Western Union’s entrenched position in emerging markets, where remittances are crucial to GDP, provides a significant advantage. “We think that we can make a market for our coin in those markets,” Cagwin stated. He emphasized the desire to “control the economics, control the compliance and control the overall distribution” of the coin. Solana Blockchain Selected for Stablecoin System Western Union confirmed its stablecoin settlement system will be built on the Solana blockchain. The system will center on a US Dollar Payment Token (USDPT) and a new Digital Asset Network developed in partnership with Anchorage Digital Bank. The Digital Asset Network, linking the company to multiple on-ramp and off-ramp providers, is scheduled to go live in the first half of 2025. The USDPT stablecoin itself is slated for launch in the first half of 2026, with distribution planned through partner exchanges.
