Western Union pivots to stablecoin spending with new Visa card

The new product, dubbed Stablecard, is currently available in 37 markets with plans to exceed 60 by the end of the year. It allows users to receive Western Union transfers, hold funds as USDPT, and spend via physical or virtual cards linked to Apple Pay and Google Pay. Anchorage Digital Bank, a national trust bank, issues the stablecoin on the Solana blockchain, maintaining a one-to-one redemption rate for U.S. dollars.

While the company promotes the card as a way to bypass conventional bank accounts, users face variable ATM charges and foreign exchange fees. The initiative aligns with Western Union’s recent performance, where digital transactions grew 25% in the second quarter, even as total revenue dipped 1% to approximately $1 billion.

Regulatory oversight remains a focal point for the project. Anchorage Digital Bank provides monthly attestations of reserve assets, though Western Union explicitly notes that the stablecoin is not FDIC-insured. As onchain supply grows—with Solana Explorer showing 5.92 million USDPT outstanding—future transparency reports will serve as the primary indicator of the product’s adoption and the stability of its underlying reserves.