Bybit has added support for Western Union's USDPT stablecoin, marking the first time a major cryptocurrency exchange has listed the payments company's US dollar-pegged token. USDPT is now available on Bybit for holding, trading, and transfers, moving the stablecoin beyond payments infrastructure and into crypto market activity. The listing gives Bybit users another dollar-denominated stablecoin option and provides USDPT with access to a crypto-native user base, increasing its visibility outside Western Union's traditional remittance network.
Western Union Launched USDPT in May with Anchorage Digital Bank Backing
Western Union launched USDPT in May as part of its broader digital asset strategy. The stablecoin is issued by Western Union Digital and backed by reserves held at Anchorage Digital Bank. USDPT initially launched on the Solana blockchain.
The company has said USDPT is designed to align with the framework outlined in the US GENIUS Act, the federal legislation that created regulatory standards for payment stablecoins. The Bybit listing expands USDPT's use case, allowing the token to be held and traded on a large crypto venue in addition to functioning as a payment or transfer instrument.
Payment Companies Expand Stablecoin Support Across Networks
MoneyGram recently launched MGUSD, its own US dollar-pegged stablecoin, on the Stellar network as part of a broader push into blockchain-based payments and cross-border transfers. Mastercard has expanded support for several stablecoins, including USDC, PayPal USD, and Ripple USD, as it increases its use of digital assets for settlement.
Mastercard's support includes expanded settlement capabilities that let issuers and acquirers settle some card transactions using regulated stablecoins. Visa has also reported rising stablecoin settlement activity, saying in April that its pilot had reached a $7 billion annualized transaction run rate.
Stablecoin Market Reaches Nearly $320 Billion in Total Value
The total value of dollar-pegged stablecoins has climbed to nearly $320 billion, according to DeFiLlama. Large platforms can become distribution channels for payment-company stablecoins, giving them trading pairs, custody access, and transfer functionality.
World Bank data using a $200 remittance benchmark shows that digital transfer methods can reduce costs compared with traditional cross-border payment channels. Users still need local cash-out options, wallet access, compliance screening, consumer protection, and clear pricing in many markets.
FAQ
What did Bybit do with Western Union's USDPT stablecoin?
Bybit added support for Western Union's USDPT stablecoin, becoming the first major cryptocurrency exchange to list the US dollar-pegged token. USDPT is now available on Bybit for holding, trading, and transfers.
When did Western Union launch USDPT and who backs it?
Western Union launched USDPT in May. The stablecoin is issued by Western Union Digital and backed by reserves held at Anchorage Digital Bank. USDPT initially launched on the Solana blockchain.
Which other payment companies have launched or supported stablecoins?
MoneyGram launched MGUSD on the Stellar network. Mastercard has expanded support for USDC, PayPal USD, and Ripple USD for settlement. Visa reported in April that its stablecoin settlement pilot reached a $7 billion annualized transaction run rate.
