Crypto exchange Bybit has added support for Western Union’s USDPT stablecoin, a move that brings the payments giant’s digital dollar onto a major crypto trading venue for the first time.
The companies announced on Thursday that USDPT, Western Union’s US dollar-pegged stablecoin, is now available on Bybit for holding, trading and transfers. The integration expands USDPT beyond payments and into crypto trading while increasing the range of dollar-denominated stablecoins available to Bybit users.
Bybit said it is the first major cryptocurrency exchange to support USDPT.
Source: Western Union
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.
Originally founded in 1851 as a telegraph company, Western Union has said the stablecoin is designed to align with the framework outlined in the US GENIUS Act, the federal legislation that established regulatory standards for payment stablecoins.
Related: Why stablecoins and SWIFT may have to coexist
Payment giants deepen stablecoin push
Stablecoins remain one of the fastest-growing segments of the digital asset market despite broader weakness in crypto prices. According to DeFiLlama, the total value of dollar-pegged stablecoins has climbed to nearly $320 billion.
Western Union joins a growing list of financial institutions and payments companies entering the stablecoin market.
Earlier this month, global payment service MoneyGram launched its own US dollar-pegged stablecoin, MGUSD, on the Stellar network as part of its broader push into blockchain-based payments and cross-border transfers.
Meanwhile, Mastercard announced Wednesday that it is expanding support for several stablecoins, including USDC (USDC), PayPal USD (PYUSD) and Ripple USD (RLUSD), as the payments giant deepens its involvement in digital asset settlement.
That support includes expanded settlement capabilities to let issuers and acquirers settle some card transactions using regulated stablecoins.
Rival payment network Visa is also gaining traction. In April, the company said its stablecoin settlement pilot had reached a $7 billion annualized transaction run rate, underscoring increasing adoption of blockchain-based payment rails.
Using a $200 remittance as a benchmark, World Bank data shows that digital transfer methods can reduce costs compared with traditional cross-border payment channels. Source: World Bank
The trend comes as policymakers and international institutions continue to examine the role of stablecoins in cross-border payments. The World Bank has noted that traditional remittance channels remain costly and can limit access in developing economies, areas where stablecoin-based transfers could offer efficiencies.
Related: Coinbase expands branded stablecoin infrastructure business with Flipcash USDF launch