USDPT stablecoin entered a major crypto trading venue after Bybit added support for Western Union’s dollar-pegged token. The listing allows users to hold, trade, and transfer the asset. Bybit said it is the first major crypto exchange to support USDPT.
The companies confirmed the integration on Thursday. The listing marks Western Union’s digital dollar as more than just a payments use case and introduces yet another dollar-backed stablecoin to Bybit’s portfolio.
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Western Union USDPT Stablecoin Gains Exchange Access
USDPT is the stablecoin launched by Western Union in May. Western Union Digital is the provider of the token. The asset is supported by the reserves held at Anchorage Digital Bank.
USDPT is a stablecoin that was initially introduced on the Solana blockchain. Western Union has called the token part of its digital asset plan. The company said the product was designed to align with the US GENIUS Act framework.
The GENIUS Act set federal regulations for stablecoins. Western Union stated that USDPT is a stablecoin, aligned with this regulatory direction. The listing will provide the token with wallet exchange and trading platform access.
In addition, Bybit’s support provides a new path for transfers. According to the exchange, users are now able to access the USDPT stablecoin on the exchange. The company’s statement did not specify any other blockchain support.
The listing follows a surge in payments activity. Stablecoins are still a significant portion of the digital asset sector. According to DeFiLlama data, the total value of stablecoins pegged to the dollar has reached nearly $320 billion.
Payment Giants Expand Stablecoin Settlement Plans
Western Union is among the new payments providers entering the market. Recently, MoneyGram has released its own protocol, called MGUSD. That product is also linked to plans for blockchain payments and for sending money across borders.
Stablecoins are added to Mastercard’s list of supported services. The company added support for USDC, PayPal USD, and Ripple USD. It also intends to offer settlement alternatives for a number of card transactions with regulated stablecoins.
Visa said it has made progress in the stablecoin settlement. The company reported that its pilot achieved a $7 billion transaction run rate annually in April. The update highlighted increased testing of blockchain settlement rails.
The USDPT stablecoin is part of the broader payments trend. Western Union’s token is tied to access to trading on the Bybit listing. It also positions the asset next to other stable coins that are used for settlements and transfers.
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