A combined 130 million people in Bolivia and the Philippines now have access to Western Union’s new digital dollar, USDPT — a US dollar-backed stablecoin running on the Solana blockchain.
A Big Name Makes Its Blockchain Debut Remittance Giants Eye Blockchain RailsWestern Union is not alone in this push. MoneyGram started offering USDC stablecoin services in Colombia in September. Zelle announced plans for stablecoin-powered cross-border transfers in October.
The wave of activity among remittance companies follows the passage of the GENIUS Act in July, a piece of US legislation widely seen as favorable to stablecoin development.
The Philippines was a natural choice for an early rollout. Remittances make up a significant part of the country’s economy, and reports note that corridors between the US and Central America are expanding fast.
According to Bybit’s former chief marketing officer, Claudia Wang, many routes within Latin America — such as from Argentina to Bolivia — have been largely untouched by crypto-based payment systems, making them ripe for new entrants. She described the Americas as a $174 billion remittance market.
Room To Grow In A Fast-Expanding MarketThe stablecoin market is already large and widely expected to get much larger. Data shows the total market cap currently stands at $317 billion.
Both the US Department of the Treasury and Citigroup have projected that figure could climb past $2 trillion by 2030.
Featured image from Unsplash, chart from TradingView
