Connecting TradFi and Crypto
Bybit Becomes First Major Exchange to Integrate Western Union USDPT Stablecoin for Global Transfers
Bybit has become the first major cryptocurrency exchange to integrate Western Union’s USDPT stablecoin, allowing eligible users in selected Latin American markets to buy and sell USDPT and convert between the token and local currencies via Bybit’s fiat channels. USDPT is a U.S.-dollar pegged stablecoin issued by Anchorage Digital Bank, N.A. on Solana with a 1:1 redemption model backed by U.S. dollar reserves, including cash-equivalent instruments. Western Union says the partnership supports a broader effort to add a 24/7 programmable settlement layer alongside traditional cross-border rails, aiming to reduce delays and inefficiencies in international transfers. The companies claim settlement could shift from days to minutes through the on-chain layer. Western Union also says the rollout aligns with US GENIUS Act regulatory standards for payment stablecoins. The announcement comes amid ongoing stablecoin distribution competition as other payment providers expand dollar-pegged token support.
Key Points
Western Union and Bybit executives tied the launch to broader crypto adoption: Malcolm Clarke, Head of Digital Assets at Western Union, said, “Making USDPT available through a leading global exchange like Bybit is a meaningful step for extending Western Union’s network into the digital asset ecosystem,” and Victoria Kilikyan, Deputy Head of Fiat at Bybit, said the integration “marks a meaningful step for crypto adoption” when “an established financial institution partners with a cryptocurrency exchange.”
Bybit said purchases and off-ramps are handled via its “One-Click Buy” feature for eligible users, and it claimed the integration “reduces transaction time from days to minutes for USDPT purchases and fiat off-ramps.”
A separate report on the same integration added that the USDPT infrastructure involves partners including “Fireblocks, Dynamic, and TRES,” indicating additional back-end players beyond the issuing bank and blockchain.
The partners emphasized USDPT’s intended “real-world payment systems” design—describing it as combining “blockchain-based settlement with Western Union’s global compliance, risk and distribution capabilities”—and framed the rollout as the start of a “deeper, faster, and compliant integration of digital assets into the broader financial system.”
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