Western Union is taking a bold step into the digital asset world. The payments giant plans to launch a stable card aimed at protecting users in high-inflation economies, CFO Matthew Cagwin revealed at the UBS Global Technology and AI conference.
This move builds on the company’s recent pivot beyond traditional cross-border payments into a multi-pronged digital asset strategy. Cagwin pointed to Argentina, where annual inflation has recently soared between 250 and 300 percent. In such environments, remittances can lose almost half their value in a month.
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Imagine a family in the U.S. sending $500 back home. By the time the recipient spends it, it might be worth just $300. Western Union’s stable card is designed to prevent that erosion, expanding on its existing U.S. prepaid card but tailored for markets where currency devaluation is extreme.
Cagwin also dropped a major hint about Western Union issuing its own cryptocurrency. With a footprint in over 200 countries, the company believes it has a natural advantage—especially in emerging markets where remittances are a major part of GDP. Western Union plans to control the economics, compliance, and distribution of its coin, aiming to scale adoption well beyond initial target markets.
Another pillar of this strategy is the Digital Asset Network, a platform connecting Western Union to four on-ramp and off-ramp providers. The system is expected to launch in the first half of 2025, allowing customers to move seamlessly between traditional currencies and digital assets.
The upcoming stablecoin settlement system will be built on Solana, anchored by the US Dollar Payment Token (USDPT) and powered by a partnership with Anchorage Digital Bank. USDPT is slated for a first-half 2026 launch, with distribution through partner exchanges.
Western Union has also filed a trademark for WUUSD, signaling a broader suite of crypto services including a wallet, trading tools, and stablecoin payment processing. While the filing has been accepted, it hasn’t yet been assigned to an examiner.
Taken together, these moves put Western Union alongside banks and traditional financial players exploring stablecoin infrastructure to cut settlement times and reduce cross-border payment costs. The company is betting its global reach and underbanked market expertise can give it an edge over newer crypto entrants.
