Bybit Adds Western Union USDPT Stablecoin for Holding, Trading, and Transfers

Bybit added support for Western Union’s USDPT stablecoin, bringing Western Union’s US dollar-pegged token onto a major crypto trading venue for the first time.

The companies announced on Thursday that USDPT is now available on Bybit for holding, trading and transfers, expanding USDPT beyond payments into crypto trading.

@coindesk

USDPT is issued by Western Union Digital and backed by reserves held at Anchorage Digital Bank, and it initially launched on the Solana blockchain.

Bybit said it is the first major cryptocurrency exchange to support USDPT, while Western Union launched USDPT in May as part of its broader digital asset strategy.

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.

Cryptonews.net said the flow creates a new on- and off-ramp channel for USDPT, with the time from USDPT purchase to fiat off-ramp cutting from days to minutes.

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The Defiant also described the Bybit fiat channel as the first named exchange in what Western Union calls its "Global Exchange Support" pillar, alongside other USDPT-enabled use cases.

In the same rollout, the sources tied the stablecoin’s design to redemption and reserves, with USDPT described as redeemable 1:1 for US dollars and fully backed by reserves.

The Bybit-USDPT move sits within a wider stablecoin push described in the sources, including MoneyGram launching MGUSD on the Stellar network and Mastercard expanding support for USDC, PayPal USD (PYUSD) and Ripple USD (RLUSD).

Cointelegraph reported that Visa’s stablecoin settlement pilot reached a $7 billion annualized transaction run rate in April, and it linked the trend to growing adoption of blockchain-based payment rails.

The sources also pointed to World Bank data and policy scrutiny, with TradingView citing that digital transfer methods can reduce costs compared with traditional cross-border payment channels using a $200 remittance as a benchmark.

In parallel, Digital Transactions reported Visa’s partnership with Brale to test settlement with Brale’s SBC on the Canton Network, with the companies framing it as a proof of concept for whether to add the coin as a settlement alternative.