SS #95 - Western Union to Launch Stablecoin Next Month

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Good morning.

Western Union is turning its remittance rails into stablecoin infrastructure, rolling out a Solana-based token, a wallet-to-cash network, and a consumer dollar card in a coordinated push starting this week.

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In Today's Edition:

• Headline: Western Union to Launch Stablecoin Next Month

• Quick Bites: Morgan Stanley Launches Stablecoin Reserves Fund

• Yield of the Week: reUSDe/USDe LP's 13.95% LP APY

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HEADLINE

State of play: Western Union outlined plans for its Solana-based stablecoin USDPT to launch next month, with a Digital Asset Network (DAN) and consumer Stable Card rolling out alongside it.

• USDPT launches as a backend SWIFT replacement for settling with WU's agents, not as a consumer-facing token initially.

• The Digital Asset Network connects crypto wallets to WU's retail and agent network for local currency cash-out, with the first partner live this week.

• The USD Stable Card rolls out later this year across dozens of markets, targeting inflation-sensitive economies wanting dollar-denominated value.

What’s Next: : USDPT goes live next month in select countries with key agent partners, the first DAN partner activates this week, and the USD Stable Card rolls out across dozens of markets later this year.

Why it Matters: Western Union is using stablecoins to attack its own SWIFT-dependent settlement layer while turning its 200+ country agent network into the largest off-ramp infrastructure for any USDPT or partner stablecoin holder.

Our Take: The real product here is the off-ramp, not the token, and Western Union quietly has the most defensible moat in the stablecoin stack since Tether: physical cash-out points in the exact emerging markets where stablecoin demand actually lives.

QUICK BITES

• iM Bank starts building Won stablecoin ecosystem.

• Cross-border B2B stablecoin payments to hit $5T by 2035.

• Western Union to launch stablecoin next month, with 'Stable Card' planned.

• Morgan Stanley launches stablecoin reserves fund aligned with GENIUS Act.

YIELD OF THE WEEK

reUSDe/USDe LP (Pendle): 13.95% LP APY

• The pool accepts reUSDe deposits and provides liquidity for re.xyz's insurance-backed yield token, maturing June 25, 2026, with ~$5.46M in pool liquidity and also earning 5x Sats and 30x Re points for KYC-verified users.

• Capital is split across reUSDe SY (~$3.59M, 65.7%) and PT reUSDe (~$1.87M, 34.3%), earning a blended yield from underlying yield, PT yield, and Pendle LP fees plus daily PENDLE rewards.

• Yield is generated from re.xyz's insurance underwriting activity, with LP APY composed of 8.37% underlying yield, 5.14% PT yield, and 0.22% Pendle LP fees, alongside 42.74 daily PENDLE rewards.

msY (Main Street Yield): 11.72% APY

• The vault accepts USDC deposits and deploys capital into short-duration, laddered box spread positions across multiple expiries and strike ranges, generating market-neutral USD-denominated yield with ~$56.72M in AUM.

• Capital is deployed into box spreads on options markets, structured to have effectively no delta or gamma exposure, with positions laddered across expiries to smooth returns and limit mark-to-market swings.

• Yield is generated from institutional box spread funding rates on options markets, accruing automatically through token price appreciation at a 11.72% APY.

9Summits Flagship USDC: 11.27% APY

• The vault accepts USDC deposits on Ethereum and deploys capital across a diversified set of DeFi strategies with ~$3.77M in total deposits.

• Capital is dynamically allocated across leading protocols including Lagoon Finance, Morpho, Euler, and Silo, with optional Nexus Mutual coverage available for depositors at 3.21% annually.

• Yield is generated from trading fees, lending activity, fixed-rate strategies, and stablecoin arbitrage opportunities, delivering an 11.27% net APR after a 20% performance fee and 0% management fee.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.