SS #97 - Western Union Launches USDPT Stablecoin on Solana

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Good morning.

Western Union is going onchain with USDPT, a proprietary US dollar stablecoin issued by Anchorage on Solana to settle transactions across its 200-country network. The launch puts a legacy remittance giant in direct competition with Circle and Tether for cross-border float, signaling stablecoins are graduating from crypto-native rails into mainstream payments infrastructure.

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In Today's Edition:

• Headline: Western Union Launches USDPT Stablecoin on Solana

• Quick Bites: CLARITY Text Lets Firms Offer Stablecoin Reward

• Yield of the Week: Core USDT0’s 13.92% APY

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HEADLINE

State of play: Western Union introduced USDPT, a US dollar stablecoin issued by Anchorage Digital on Solana, to settle transactions across its 200-country payment network 24/7.

• The token will roll out first in the Philippines and Bolivia, supporting treasury and agent settlement before broader expansion.

• Anchorage Digital, the only federally chartered crypto bank in the US, issues USDPT, with Fireblocks providing wallet and settlement infrastructure.

• USDPT will power the consumer-facing "Stable by Western Union" feature launching across 40+ countries in 2026.

• Total dollar-backed stablecoin supply now exceeds $300B, with Tether at $189.6B and Circle at $77.6B dominating the market.

• Visa's parallel stablecoin settlement pilot just hit a $7B annualized run rate across nine blockchains and 130+ card programs in over 50 countries.

What’s Next: USDPT rolls out first in the Philippines and Bolivia before expanding across the 200-country network, with "Stable by Western Union" launching in 40+ countries later in 2026.

Why it Matters: A legacy remittance giant is moving its settlement layer onchain, validating stablecoins as cross-border payment infrastructure rather than a crypto-native niche.

Our Take: Western Union wants the float economics itself rather than handing them to Circle or Tether.

QUICK BITES

• Bank trade groups say Senate stablecoin reward fix 'falls short.'

• Stablecoin startup Rain joins Mastercard as a Principal Member.

• Brazil's CB bans stablecoin and crypto settlement in cross-border payments.

• Western Union launches USDPT stablecoin issued by Anchorage on Solana.

• Clarity Act text lets firms offer stablecoin rewards while shielding bank yield.

• MoonPay launches stablecoin debit card for AI agents on Mastercard network.

YIELD OF THE WEEK

Core USDT0 (Mystic Finance): 13.92% APY

• The vault accepts USDT0 deposits and allocates capital across XRP ecosystem collateral markets on HyperEVM, with ~$21.04M in TVL and ~$2.37M in available liquidity.

• Capital is primarily deployed into FXRP/USDT0 at 98.89% allocation (~$20.81M), with smaller positions in stXRP/USDT0 and WFLR/USDT0 markets.

• Yield is generated from lending demand across XRP-collateralized markets, with the FXRP market driving the majority of returns at 3.99% base APY, net of a 10% performance fee.

Alpha USDT Prime: 18.70% APY

• The vault accepts USDT0 deposits on HyperEVM and allocates capital across selected lending markets within the AlphaPing ecosystem, with ~$2.58M in TVL and ~$163.27k in available liquidity.

• Capital is fully deployed into a single AVLT/USDT0 market at 91.5% LTV with 100% relative cap, running at 93.69% utilization with a 11.41% base market APY.

• Yield is generated from lending demand in the AVLT collateral market, with a base vault APY of 10.22% boosted by 8.48% in USDC incentives, net of a 10% performance fee and 0% management fee.

Alpha Frax USD Enhanced V2: 13.04% APY

• The vault accepts frxUSD deposits and deploys capital across structured on-chain credit markets and yield mechanisms tied to the Frax Finance ecosystem, with ~$1.15M in TVL and ~$387.62k in available liquidity.

• Capital is primarily deployed into sDOLA/frxUSD (~$1.15M at 66.57% utilization), with smaller allocations to PT-avUSD-14MAY2026 and PT-savUSD-14MAY2026 markets at 63.89% and 85.04% utilization respectively.

• Yield is generated from lending demand across structured credit markets, with a base vault APY of 2.60% boosted by 3.71% in WFRAX incentives, net of a 10% 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.