Western Union Launches Stablecard on Solana Network

Western Union has launched its Solana-powered stablecoin card, called Stablecard, in 37 initial markets. The card is linked to the USDPT token on the Solana network and allows users to make payments at any global establishment enabled for the Visa network.

The Stablecard operates through a digital wallet connected to Apple Pay and Google Pay contactless payment systems, making it easier for consumers to use blockchain technology in their daily lives. The companies involved classify the card as a credit card secured by digital assets.

According to data from the Solana blockchain, USDPT has 7.4 million tokens in circulation distributed among 162 registered wallets, representing approximately 0.05% of the total stablecoin volume on the Solana network, which amounts to $15.8 billion. The issuance and custody of USDPT reserves are handled by Anchorage Digital Bank.