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Western Union has taken a bold step after years of testing various blockchain solutions. Solana will now power the payments behemoth’s upcoming settlement infrastructure.

 

A New Era for Cross-Border Payments: Almost ten years ago, Western Union started its blockchain journey. The company tested the use of XRP for quicker international payments in 2015 through pilot programs with Ripple Labs. Although those trials showed promise for increasing efficiency, they did not lead to a full rollout.

Western Union is currently advancing the use of blockchain technology. On the Solana network, the company is introducing USDPT, a stablecoin backed by US dollars. In collaboration with Ancho, the token will be distributed.

Devin McGranahan, CEO of Western Union, explained that the decision came after years of testing and evaluation. He stated that before choosing Solana, the company considered all major blockchains. “We have connected people with technology for 175 years, and we have used that technology to transfer money,” McGranahan said.

The ability to send money easily, affordably, quickly, and globally is the next stage in the evolution of digital asset transfer. McGranahan emphasized the importance of careful selection when choosing a blockchain partner for institutional purposes. “Choosing a partner that does exactly that—fast, efficient, stable, and secure—is really important if you’re Western Union and you’re already moving $100 billion annually across borders,” he clarified. “The Solana blockchain was the best option for an institutional use case like ours”.