Western Union Unveils Visa-Backed Stablecoin Wallet with Global Reach

Western Union has launched Stablecard, a digital wallet that uses the USDPT stablecoin and pairs it with a Visa card. This service allows customers in 37 markets to store, spend, and receive the company's stablecoin through a digital wallet.

The product is available via the Apple App Store and Google Play, and users can deposit eligible Western Union transfers directly into their digital wallets. They can also transfer USDPT from supported crypto wallets or exchanges before spending funds through Visa's global merchant network or withdrawing cash at compatible ATMs.

USDPT is issued by Anchorage Digital Bank on the Solana blockchain and is redeemable at a one-to-one ratio with the US dollar. The company notes that reserves backing the stablecoin consist of cash, US Treasury bills, and other cash-equivalent assets.