Cryptocurrency exchange Bybit has partnered with Western Union to integrate USDPT, a U.S. dollar-pegged stablecoin issued by Anchorage Digital Bank, becoming the first major crypto exchange to join Western Union’s global stablecoin network.
According to the announcement, the collaboration aims to bridge traditional finance and digital assets by allowing users to access USDPT through Bybit’s fiat infrastructure. The move gives users a regulated stablecoin option backed 1:1 by U.S. dollar reserves while leveraging blockchain-based settlement on the Solana network.
The partnership is designed to create a faster and more compliant pathway for moving value between traditional financial systems and digital assets.
Faster on-and off-ramps for stablecoins
Through the integration, eligible users in selected Latin American markets can purchase USDPT using supported local currencies and convert the stablecoin back into fiat when needed. Bybit said the new channel significantly reduces settlement times, allowing users to move between digital dollars and local currencies within minutes instead of days.
USDPT is issued by Anchorage Digital Bank, a federally regulated U.S. national trust bank, and was created as part of Western Union’s broader digital asset strategy focused on modernizing global payments and settlement infrastructure.
Malcolm Clarke, Head of Digital Assets at Western Union, said the integration extends the company’s payment network into the digital asset ecosystem. “By connecting our global payout infrastructure with a major crypto platform, we’re enabling more seamless movement between digital value and real-world money,” Clarke said.
Growing institutional push into stablecoins
The launch comes as financial institutions increasingly explore blockchain-based payment infrastructure and regulated stablecoin products.
Earlier this year, World Liberty Financial (WLFI) partnered with Apex Group to integrate its USD1 stablecoin into traditional fund infrastructure, while Goldman Sachs and BNY Mellon expanded tokenized fund initiatives aimed at bringing traditional assets onto blockchain networks.
The Bybit-Western Union collaboration reflects the same broader trend, as established financial firms seek to combine blockchain settlement with existing global payment networks to improve efficiency, reduce costs, and enable round-the-clock transactions.
USDPT is now available through Bybit’s platform, with the companies indicating that additional use cases and market expansions may follow as adoption grows.
Also read: Checkout.com Adds USDC, USDT Payments via Coinbase Service
