Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has announced an integration with Western Union that makes it the first major crypto exchange to join Western Union’s global USDPT network.
Users can now access USDPT, a US dollar-denominated stablecoin issued by Anchorage Digital Bank, N.A., on the Solana blockchain, via Bybit’s fiat channels.
USDPT is redeemable 1:1 for US dollars and fully backed by reserves. It is designed to operate within real-world payment systems, combining blockchain-based settlement with Western Union’s global compliance, risk, and distribution capabilities.
The integration initially launches across selected markets in Latin America, where users can buy USDPT with supported fiat currencies on Bybit or convert holdings back to local currencies at any time.
New on- and off-ramp channel cuts settlement times from days to minutes
In practice, the integration creates a new on- and off-ramp channel for USDPT, with the flow cutting the time from USDPT purchase to fiat off-ramp from days to minutes. For senders, this translates to faster delivery of funds and lower overall costs.
The channel also removes settlement friction and capital lock-up across multiple layers for both Western Union and Bybit. Unlike legacy settlement networks that operate only on business days, USDPT enables around-the-clock settlement.
“Making USDPT available through a leading global exchange like Bybit is a meaningful step in extending Western Union’s network into the digital asset ecosystem,” said Malcolm Clarke, Head of Digital Assets at Western Union. “By connecting our global payout infrastructure with a major crypto platform, we’re enabling more seamless movement between digital value and real-world money. This is where we see the future of settlement heading: always-on, programmable, and integrated across both traditional and digital financial systems, with USDPT at the center as a trusted, regulated settlement asset.”
“This product marks a meaningful step for crypto adoption. When an established financial institution joins forces with a leading crypto exchange in a new stablecoin network, it shows crypto’s potential as payment infrastructure. For the millions who depend on remittances, USDPT represents financial innovation that solves real problems for real people,” said Victoria Kilikyan, Deputy Head of Fiat at Bybit.
“Bybit and Western Union are setting a new standard for real-world crypto adoption in Latin America. We’re building infrastructure for the future of the digital economy by working with an established global network that millions of people already trust,” said Patricio Mesri, Country Manager of Spanish-speaking Latin America at Bybit.
Featured image via Shutterstock.
