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Crossmint, Western Union to bring USDPT stablecoin to Solana

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Binance holds nearly 87% of USD1 stablecoin supply: Forbes 

Western Union is moving deeper into blockchain payments with a new stablecoin initiative tied to the Solana network.

Summary

  • Western Union partnered with Crossmint to support the USDPT stablecoin on Solana.
  • The stablecoin will connect on-chain transfers with 360,000+ Western Union cash pickup points across 200+ countries.
  • Anchorage Digital Bank will issue USDPT to support compliance and institutional access.

The company has partnered with Crossmint to support the rollout of USDPT, a U.S. dollar-denominated stablecoin that will operate on the Solana (SOL) ecosystem.

The collaboration was announced on March 4 by Crossmint and will connect the stablecoin to Western Union’s newly introduced Digital Asset Network, which links on-chain dollars to real-world cash access across its global payout infrastructure.

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Stablecoin connected to Western Union’s payout network

USDPT was first revealed in October 2025, with a launch expected in the first half of 2026. The stablecoin will be issued by Anchorage Digital Bank.

Western Union’s Digital Asset Network links blockchain transfers with its global cash distribution system. Through the network, users can convert digital dollars into local currency using more than 360,000 collection points worldwide, spanning over 200 countries and territories.

Malcolm Clarke, Western Union’s vice president of digital assets, said the network connects digital wallets and platforms directly to the company’s payout infrastructure. Partners such as Crossmint provide the technology layer that allows these integrations to work across blockchain systems and traditional payment rails.

This setup allows stablecoin transactions to move on-chain while still connecting to familiar cash pickup services used in many remittance corridors.

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Crossmint infrastructure supports wallets and fintech apps

Crossmint will integrate USDPT into its wallet infrastructure and payment APIs, allowing fintech platforms and developers to access the stablecoin through its existing tools.

Rodrigo Fernández Touza, co-founder of Crossmint, said the collaboration links digital dollar transfers with Western Union’s global payout network.

Developers using Crossmint’s APIs can build applications that send funds on Solana while offering recipients the option to collect cash through Western Union locations where available.

The system allows fintech apps to hold value in digital dollars, transfer funds instantly on-chain, and connect to Western Union’s payout network when users need local currency.

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Solana’s fast settlement speeds and low transaction costs have made it a common choice for payment-focused blockchain applications, including stablecoin transfers and cross-border transactions.

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Crypto World

Morgan Stanley Sets Bitcoin ETF Fee at Ultra-Low 0.14%

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Morgan Stanley Sets Bitcoin ETF Fee at Ultra-Low 0.14%

Investment bank Morgan Stanley is seeking to launch its spot Bitcoin exchange-traded fund at a 0.14% fee, which would make it the cheapest in the US market and potentially force rivals to cut fees to stay competitive.

The 0.14% fee, proposed in Morgan Stanley’s latest S-1 registration statement on Friday, would be one basis point below the Grayscale Bitcoin Mini Trust ETF (BTC), currently the cheapest in the US market, and 11 basis points below the BlackRock-issued iShares Bitcoin Trust ETF (IBIT).

“Big move here. They are not messing around,” Bloomberg ETF analyst James Seyffart said, predicting that the Morgan Stanley Bitcoin Trust (MSBT) is “likely to launch in early April.”

Source: James Seyffart

Fellow Bloomberg ETF analyst Eric Balchunas said the low fee means that none of Morgan Stanley’s roughly 16,000 financial advisors — which manage $6.2 trillion in client assets — would feel conflicted in recommending the product to its clients.

Given that spot Bitcoin ETFs track the price movements of Bitcoin (BTC), Morgan Stanley’s ultra-low fee could spark a fresh fee war in the $83 billion market, putting immediate pressure on rivals to cut costs or risk losing assets.

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Regulatory approval would make Morgan Stanley the first bank to issue a spot Bitcoin ETF, expanding access to Bitcoin exposure for millions of its high-net-worth clients.

“They are the ultimate gatekeepers of rich boomer money,” Balchunas added.

Morgan Stanley previously selected Coinbase and Bank of New York Mellon as the proposed custodians for its Bitcoin ETF.

Morgan Stanley seeking suite of crypto ETFs, banking charter

Morgan Stanley, previously one of the more crypto-hesitant Wall Street firms, filed for the spot Bitcoin ETF in the first week of January, along with a Solana (SOL) ETF.

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Related: Bitcoin traders see 53% odds of sub-$66K BTC by April 24 

It then filed papers for a staked Ether (ETH) ETF later that week, and by the end of the month, the bank appointed one of Morgan Stanley’s longest-standing executives, Amy Oldenburg, to lead its digital asset team.

Source: James Seyffart

Morgan Stanley also applied for a national trust banking charter on Feb. 18, seeking to custody certain digital assets and execute purchases, sales and swaps for clients in addition to staking services.

In October, before the investment bank adopted its institutional crypto strategy, it recommended a 2% to 4% allocation to crypto portfolios for investors. It also allowed its financial advisors to recommend crypto funds to clients with individual retirement accounts (IRAs) and 401(k)s.

Magazine: Bitcoin may face hard fork over any attempt to freeze Satoshi’s coins

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