Western Union’s stablecoin takes on fintechs for bigger share of Africa’s $95B remittance market
- Western Union announced the launch of USDPT, a dollar-backed stablecoin, during the Money20/20 fintech conference.
- The stablecoin will debut on the Solana blockchain in 2026, marking a significant evolution in remittance technology.
- Western Union operates in over 200 countries and has a strong presence in Africa, where remittance inflows reached $95 billion in 2024.
The introduction of USDPT by Western Union could significantly transform the remittance landscape in Africa, offering a modern solution to traditional challenges. However, the potential implications for local currencies and economic sovereignty warrant careful consideration and dialogue among stakeholders.
