Western Union to Launch Dollar-Backed Crypto for Nigerians, Revolutionizing Remittances

Western Union, a renowned money transfer company, is set to introduce a US dollar payment token (USDPT) on the Solana blockchain by 2026. The CEO, Devin McGranahan, announced this groundbreaking initiative at the Money20/20 fintech conference in Las Vegas.

With operations in over 200 countries and a significant presence in 50 African markets, Western Union processed $102.9 billion in global cross-border payments in 2024. Nigeria, Kenya, and South Africa are key markets for the company, with millions depending on remittances.

The stablecoin launch is poised to capture a larger share of the fast-growing digital market, offering near-instant and low-cost transfers, particularly in Africa where currency volatility is a concern.