Bybit launches support for Western Union’s USDPT stablecoin

Bybit has added support for Western Union’s USDPT stablecoin, becoming the first major cryptocurrency exchange to list the dollar-pegged token for trading, transfers, and custody.

According to an announcement released on Thursday, users can now hold, transfer, and trade USDPT on Bybit. The integration gives Western Union’s newly launched stablecoin access to one of the crypto industry’s largest trading venues while adding another dollar-backed asset to Bybit’s stablecoin offering.

Malcolm Clarke, Head of Digital Assets at Western Union, said the Bybit listing extends the company’s network into the digital asset ecosystem and strengthens connections between its global payout infrastructure and crypto markets.

Clarke added that the development aligns with the company’s long-term view of digital payments, stating:

Western Union introduced USDPT in May through its digital asset division, Western Union Digital. The token is backed by reserves held at Anchorage Digital Bank and was initially launched on the Solana blockchain per an earlier report by crypto.news.

The company said USDPT was designed to comply with the framework established under the U.S. GENIUS Act, which set regulatory standards for payment-focused stablecoins.

Coming only weeks after Bybit launched a perpetual contract linked to SpaceX, the exchange continues to expand the range of products available on its platform.

Earlier in May, Bybit introduced the SPCXUSDT perpetual contract, which offers traders exposure to SpaceX ahead of the aerospace company’s expected public listing. According to Bybit, the contract supports leverage of up to 10x and remains available for trading around the clock without an expiry date.

Stablecoin adoption expands among payment firms

Activity in the stablecoin sector has continued to increase even as cryptocurrency prices remain under pressure. Data from DeFiLlama shows that the combined value of dollar-pegged stablecoins has risen to nearly $320 billion.

Western Union is one of several payment companies that have recently entered the market. Earlier this month, MoneyGram launched its own dollar-backed stablecoin, MGUSD, on the Stellar network. The company said the token forms part of its efforts to support blockchain-based payments and cross-border money transfers.

At the same time, traditional card networks have been increasing their involvement in regulated stablecoin settlement. Mastercard announced on Wednesday that it was expanding support for stablecoins, including USD Coin, PayPal USD, and Ripple USD.

According to Mastercard, the initiative will allow certain issuers and acquirers to settle card transactions using regulated stablecoins.

Meanwhile, rival payments company Visa Inc. reported in April that its stablecoin settlement pilot had reached a $7 billion annualized transaction run rate, highlighting growing use of blockchain-based payment infrastructure.

Policymakers continue evaluating stablecoin payments

Interest in stablecoins has also attracted attention from regulators and international institutions assessing new payment technologies.

The World Bank has previously noted that conventional remittance systems can be expensive and may limit financial access in developing markets. According to the institution, digital payment solutions, including stablecoin-based transfers, could help reduce costs and improve efficiency in cross-border transactions.

As payment providers continue introducing their own digital dollars, the listing of USDPT on Bybit brings Western Union’s stablecoin into crypto trading markets only weeks after its launch, giving users another regulated dollar-backed option on the exchange.