Western Union Brings Stablecoin Spending to Over 150 Million Merchants
Western Union has made its foray into the stablecoin era by launching Stablecard on Solana, allowing users to receive, hold, and spend digital dollars anywhere Visa is accepted. This move marks a significant shift in how the 175-year-old financial institution operates.
The company partnered with Rain, a stablecoin payments platform, to launch the product. The Stablecard combines a digital wallet with a Visa-secured credit card, running on Solana with the underlying stablecoin USDPT issued by Anchorage Digital Bank. This USDPT is pegged 1:1 to the U.S. dollar and backed by reserves.
Users can receive Western Union money transfers directly into their USDPT wallet, hold value in the stablecoin, and spend it at over 150 million Visa merchants worldwide. The card works with Apple Pay and Google Pay, and is live on both app stores, covering 37 markets initially, with expansion to 60+ markets planned before the end of the year.