Western Union expanded access to its USDPT stablecoin through a listing on cryptocurrency exchange Bybit.
The global money transfer provider announced a partnership with crypto exchange Bybit. As part of the collaboration, platform users gained the ability to buy and sell the U.S. dollar-denominated stablecoin USDPT using fiat currencies supported by the exchange.
In the initial phase, the asset will be available in select Latin American markets, where users can purchase USDPT and convert it back into local currencies.
Western Union launched USDPT in May. The asset is issued by Anchorage Digital Bank, a U.S. national trust bank. The stablecoin runs on the Solana blockchain and is integrated into Western Union’s existing payment network.
Under the partnership, Bybit will provide the trading platform, fiat liquidity, and access to its user base, which exceeds 80 million, according to the company.
According to Malcolm Clarke, Head of Digital Assets at Western Union, the new distribution channel will reduce the time required to move from purchasing USDPT to converting it into fiat currency from several days to just minutes. Victoria Kilikyan, Deputy Head of Fiat at Bybit, said the integration will help lower overall costs for users and streamline settlement processes by eliminating intermediary steps and reducing the amount of capital locked up during settlement.
Major financial institutions continue to expand their use of regulated digital assets. Many financial giants are also exploring the issuance of their own stablecoins, as the asset class has gained significant traction in international B2B payments. Alongside Western Union, companies including PayPal and Societe Generale have already launched proprietary stablecoins.
