Bybit integrates Western Union’s USDPT Stablecoin

Bybit formally became the first major digital asset exchange to join Western Union’s (NYSE: WU) digital asset network after it integrated its USDPT stablecoin. 

According to Western Union, a leader in money transmitting services globally, said it is targeting the Latin American market with this integration. The USDPT stablecoin issuer also has the advantage of operating over 500,000 retail locations all over the world, where holders can convert into cash instantly at Western Union agent locations. 

Western Union touts 24/7 settlement, global redemption network 

USDPT is a U.S. dollar-denominated stablecoin built on the high-speed Solana blockchain, and issued by Anchorage Digital Bank, N.A., a federally regulated U.S. trust bank. 

Usually, sending money across borders requires using services like Western Union that rely on the SWIFT banking system. The banking system operates only on business days, and so, capital can be tied up for long periods, but USDPT allows for “around-the-clock settlement.”

With Bybit’s integration, users in selected Latin American markets can now log into the platform and use the “One-Click Buy” feature to purchase USDPT with their local currency, or convert their holdings back to cash instantly. 

Malcolm Clarke, Western Union’s Head of Digital Assets, stated that the integration allows for the seamless conversion of digital assets to real-world money.

USDPT enters a competitive stablecoin race 

USD1, which launched in March 2025, quickly raced to become the fourth-largest dollar-backed stablecoin with a market capitalization exceeding $4.77 billion. A major catalyst for this growth was its deep integration with the Binance exchange. In one transaction, a $2 billion investment was settled using USD1. Circle’s USDC enjoyed the same success via its relationship with the Coinbase exchange. 

Bybit is a world-leading cryptocurrency exchange across multiple metrics. By integrating USDPT, Western Union is essentially using a tried-and-true playbook that has aided the success of other leading stablecoins. Western Union brings its physical network of over 360,000 cash pickup locations in more than 200 countries to the partnership. 

Western Union’s revenue in Q1 2026 was down 1% year-over-year. And now, the 175-year-old company is betting heavily on digital assets to drive growth. Both the U.S. Treasury Department and Citigroup have published forecasts suggesting the stablecoin industry could surpass $2 trillion in total value by 2030. The current stablecoin market cap sits around $320 billion, so predictions represent roughly a 6x increase.

Western Union’s three-part strategy includes the USDPT stablecoin, a “Digital Asset Network” (DAN) to connect crypto wallets to retail locations, and a planned “Stable Card” for consumer spending that is expected to launch later in 2026. 

A growing number of remittance companies are launching stablecoins due to the enactment of the GENIUS Act in July 2025. MoneyGram officially launched MGUSD, its own native dollar stablecoin, built on the Stellar blockchain, just two days before the Bybit/USDPT announcement. MGUSD is designed to reach MoneyGram’s 60 million customers across nearly 500,000 retail locations, just like Western Union.