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Western Union is making a significant push into blockchain-enabled payments with the launch of Stablecard, a Visa-branded wallet that lets customers hold, receive, transfer, and spend a US dollar-backed stablecoin. The company says the product is designed to bring dollar-denominated balances into everyday spending for people using remittance flows.

In an announcement on Wednesday, Western Union said Stablecard will support USDPT—an American dollar-pegged stablecoin issued by Anchorage Digital Bank on the Solana blockchain. The wallet-based system is positioned for remittance recipients and consumers in markets where local currency volatility makes it harder to confidently hold savings.

Key takeaways

• Stablecard brings USDPT stablecoin support into a Visa-branded spending flow for users in the 37 markets where it launched.
• Western Union is using stablecoin rails to support on-ramps from remittances, wallet transfers, and payment spending where Visa is accepted.
• USDPT is issued by Anchorage Digital Bank and runs on Solana, tying the wallet to existing cryptocurrency infrastructure.
• Western Union plans to expand Stablecard availability to more than 60 markets by the end of the year.
• The rollout aligns with Western Union’s broader digital asset strategy and its earlier decision to introduce USDPT.

Stablecard: turning USDPT into spendable value

Stablecard is presented as both a digital wallet and a payment method. According to Western Union, users can receive funds directly into a USDPT wallet—built around the stablecoin—then transfer those balances to compatible crypto wallets and exchanges. From there, the same USDPT balance can be spent anywhere Visa is accepted.

Western Union also highlighted that spending can occur through existing digital payment channels connected to Visa, including Apple Pay and Google Pay. For investors and users watching stablecoin adoption beyond trading, this is one of the clearer examples of stablecoins being integrated into a mainstream payments brand rather than remaining confined to crypto-native apps.

The product is intended to address a common challenge in cross-border payments: recipients often receive funds in local currencies that may be volatile, while traditional remittance providers typically deliver payments that are quickly spent or converted. By letting users hold a US dollar-backed asset and use it through familiar payment networks, Stablecard aims to give users more flexibility in how they manage funds.

Market rollout and what it signals for remittance competition

Western Union stated that Stablecard launched in 37 markets, with plans to expand to more than 60 markets by the end of the year. That expansion goal matters because it suggests the company views the product as more than a pilot—aiming to scale stablecoin-backed payments in meaningful geographies.

The move also reflects intensifying competition in money transfers. Stablecoins have increasingly been explored as rails for cross-border transfers, with the industry betting that dollar-pegged tokens can improve speed and reduce certain costs compared with older systems. For established remittance companies, stablecoin integration becomes a strategic attempt to modernize their infrastructure while keeping customer-facing touchpoints familiar.

Western Union’s rival MoneyGram has made a similar bet. Earlier coverage from Cointelegraph noted that MoneyGram launched MGUSD, a US dollar-pegged stablecoin on the Stellar network. In that setup, users can use a self-custodial wallet to hold dollar-denominated balances, send funds globally, and convert to local currencies when needed. Stablecard’s Visa-centered design is different in execution, but it points to the same competitive direction: remittance providers increasingly want stablecoins to help move value, not just settle transactions.

USDPT, Solana, and the regulatory framing

Stablecard’s stablecoin is USDPT, issued by Anchorage Digital Bank on the Solana blockchain. Western Union previously unveiled USDPT in May as part of a broader digital asset strategy, describing it as aligned with the framework established under the GENIUS Act—a recently enacted US law that sets federal rules for the issuance and oversight of payment stablecoins. That regulatory framing is important for long-term adoption, because it signals an effort to fit stablecoin issuance and distribution into clearer compliance expectations.

Western Union has also described ecosystem expansion around USDPT through exchange integrations. Cointelegraph reported earlier that Bybit added support for USDPT trading and transfers in June. These types of partnerships can be particularly relevant to usability: stablecoin wallets and payment systems become more valuable when users can also move balances between consumer apps, self-custody tools, and exchanges.

Why stablecoins still face friction in practice

Despite the momentum, stablecoin remittances are not automatically cheaper or faster in all cases. A recent Bank of Italy study, covered by Cointelegraph, found that stablecoin-based remittances did not consistently outperform traditional payment channels in cost or speed. Researchers pointed to a key bottleneck: friction often remains in fiat on- and off-ramps—converting between bank deposits, cash, and digital assets—where a large portion of settlement delays and transaction costs can still occur.

That observation matters for how to interpret Stablecard’s launch. A wallet that enables receiving and spending can reduce certain steps for users who can transact within the same payment ecosystem, but it doesn’t eliminate conversion challenges across borders. What will likely determine whether stablecoin remittances scale smoothly is how effectively providers integrate stablecoin rails with fiat access points, including local compliance, bank transfers, and cash-out routes.

In that context, Stablecard’s decision to connect stablecoin balances to Visa acceptance could be a practical lever. Rather than requiring a near-immediate conversion to local currency before spending, the product offers a way to use dollar-pegged value directly through established payment acceptance—potentially reducing the number of conversions some users need to make.

As stablecoins continue to expand their role in global payments, the next question for users and market participants is not only how many markets launch, but how well the on-ramps and off-ramps work in practice—especially under real-world load, local banking constraints, and changing compliance requirements.

In other words, no news on cloture on Wednesday night might just be no news.

In one scenario, Majority Leader John Thune files cloture on Wednesday night, gets through all of the Senate’s other priorities by Friday, holds the first procedural vote on Friday night and then everyone goes back to their districts to meet their constituents and campaign for reelection.

In another, the Senate can break on Friday, Aug. 7, without taking any further steps on the Clarity Act.

In that scenario, the Senate could still return in September and take up the Clarity Act once more. The Senate will also have to deal with funding the government and other issues at that time, and there are just 14 working days when the Senate is in session in September and October. This means it would likely be difficult to get the Clarity Act through, short of Senators agreeing to push it through. It’s certainly possible it can get through Clarity in that time period, however.

The legislative staffer told CoinDesk that if the outstanding issues are sorted through, the bill would easily have a chance at passage in September.

Alternatively, the Senate could extend its working session through the weekend or into next week to address outstanding issues, which may give it enough time to at least get a first procedural vote on Clarity.

The race between El-Sayed, 41, and Stevens, 43, had become a proxy fight over the Democratic Party’s future. El-Sayed, a non-practicing doctor who previously ran for governor, built his campaign around a sweeping progressive agenda, calling for Medicare for All, a 7% annual tax on the wealth of billionaires, and a broader effort to challenge what he described as an economic system tilted toward the wealthy and powerful. “Democrats really should be afraid of what I mean for their system of politics,” El-Sayed told TIME in a wide-ranging interview in late May. “When I say I’m coming for it, I’m coming for all of it.”

For progressives, El-Sayed’s victory amounts to a rejection of an establishment seen as overly cautious, too closely aligned with corporate interests and unwilling to challenge traditional power centers. Stevens represented a different path: a candidate with deep party ties, more traditional experience in government, and a message focused on growing American manufacturing.

Stablecoin issuer Circle reported $701 million in revenue for the second quarter of fiscal year 2026 on Wednesday, narrowly missing preliminary Wall Street estimates.

Circle reported $701 million in total revenue and reserve income, up 7% year-over-year, according to its announcement. It also reported net income from continuing operations of $48 million, marking a $530 million year-on-year increase.

Circle also reported $668 million in reserve income, which increased 5% year-on-year, primarily due to a 25% increase in average USDC (USDC) circulation.

The earnings results narrowly missed the average consensus of $713.32 million, according to Wall Street analyst estimates compiled by Yahoo Finance. Circle’s shares rose 5.7% in pre-market trading on Wednesday to change hands above $66.50, but remain down 20% year-to-date, according to Yahoo Finance data.

The earnings report comes weeks ahead of the public mainnet launch of Circle’s Arc blockchain, scheduled for Sept. 16. Ahead of the debut, the blockchain has more than 100 ecosystem and institutional builders, the company said.

Circle also revealed the founding validator cohort for Arc, which includes BlackRock, DTCC, Galaxy, Global Payments, ICE, Mastercard, MoneyGram, SBI Group, Standard Chartered, Sumitomo Corporation, and Visa, according to a separate announcement on Wednesday. 

Management hiked its guidance for several key metrics, including other revenue for the current fiscal year. That was increased to a range of $310 million to $330 million, from the previous $150 million to $170 million, and includes Arc token presale revenue.

Circle’s earnings miss came during a stablecoin market slump, which saw the total stablecoin supply fall to $153 billion on June 30 from $156 billion on April 1, according to data provider CryptoQuant.

Circle issues the world’s second-largest stablecoin, USDC, which has a $72 billion circulating supply. Tether’s USDt (USDT) ranks first with $183 billion in circulation, according to CoinMarketCap.

“USDC remains the dominant stablecoin for on-chain settlement, even as supply growth has stalled,” a spokesperson for institutional technology provider Talos told Cointelegraph, adding that USDC drove 72% of the $15.6 trillion in adjusted onchain transfer volume, moving about eight times more transfer volume per dollar of supply than USDT.

Magazine: Why Meta is choosing partners over power in its 2026 stablecoin push

Ondo Finance has appointed former Blockchain.com executive Adam Schlisman as its chief financial officer, adding another senior Wall Street and crypto finance veteran as the tokenized-assets company expands its institutional business.

According to a company press release issued Wednesday, Schlisman will oversee Ondo Finance’s financial operations after joining from global macro hedge fund Monashee Investment Management, where he served as chief financial officer. His appointment comes as the company continues building products and infrastructure for tokenized capital markets.

Binance-affiliated companies have sued the founders of Hong Kong-based cryptocurrency payments company RedotPay, alleging it diverted more than 470,000 users from Binance Card in breach of their commercial agreement.

The plaintiffs seek nearly $473 million in damages, alleging the conduct contributed to RedotPay’s valuation as the company considers a potential initial public offering, Bloomberg reported Wednesday, citing a Hong Kong court filing it obtained.

RedotPay said it is defending the proceedings and rejected what it described as “unfounded allegations” against the company and its co-founders. “RedotPay is strenuously defending the proceedings,” a RedotPay spokesperson told Cointelegraph, adding that it will respond through the appropriate legal process.

The legal dispute comes as crypto payments companies compete to expand stablecoin-based spending products, with RedotPay reporting rapid growth and a global user base of more than 8 million customers.

Binance alleges RedotPay breached an agreement

According to the report, Binance alleged that RedotPay diverted more than 470,000 users from Binance Card by allowing users to fund RedotPay stablecoin payment cards with Binance Pay outside the agreed terms.

Binance Holdings affiliates Nest Trading, DistributedTechnologies and Chaintecs Consulting Singapore filed a petition against RedotPay co-founders Gao Zhangpeng, Chan Wa Choi and Yao Chao. Chaintecs filed a related lawsuit in Singapore, where a hearing is scheduled for Friday.

The plaintiffs estimated damages at $472.8 million, citing a lifetime customer value of $925 for each allegedly diverted user.

A Binance spokesperson told Cointelegraph: “While Binance does not comment on ongoing litigation, where necessary we will use courts and other forums to pursue what is right.”

RedotPay says proceedings will not affect operations

RedotPay said the proceedings will not affect its day-to-day operations and that it will continue defending itself through the legal process.

“We are confident in our legal position, and are vigorously defending all claims. As the matter is currently before the court, RedotPay will not be commenting further on the allegations, the ongoing proceedings, or matters that will be addressed through the judicial process,” the company said in a statement on its website.

Related: Apple faces lawsuit over alleged $1.8M Bitcoin wallet app losses

The company also highlighted its recent growth, saying its user base increased by more than 33% over the past six months. RedotPay said it generates about $180 million in annualized revenue and $14 billion in annualized payment volume.

RedotPay announced its Binance Pay partnership in December 2023, saying the integration allowed Binance Pay users to make direct deposits to RedotPay cards. The links included in its announcement on X point to unavailable pages.

Source: RedotPay

Binance later announced that it would end support for Binance Pay features on the RedotPay platform effective April 3, 2026, as part of a review of its merchant partners. The page no longer loads, although it remains searchable on Binance’s website.

Magazine: Binance phishes its own staff monthly, India censors BitChat code: Asia Express