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Western Union’s Solana-based stablecoin could reshape its payment model, analyst says
Key takeaways
- It could also weaken the old lines between remittances, consumer payments and bank settlement, according to Angus Scott, founder of the Solana Research Institute, a Solana Foundation-backed body.
- Western Union launched the U.S. dollar-backed stablecoin issued by Anchorage Digital Bank N.A. on Monday.
- Scott told CoinDesk the launch is another sign that stablecoins are starting to challenge older payment models.
It could also weaken the old lines between remittances, consumer payments and bank settlement, according to Angus Scott, founder of the Solana Research Institute, a Solana Foundation-backed body.
Western Union launched the U.S. dollar-backed stablecoin issued by Anchorage Digital Bank N.A. on Monday. The company said the token will support 24/7 settlement with agents and partners across its global payment network. The launch follows Western Union's April disclosure that USDPT would initially replace SWIFT-based interbank settlement with its agents.
Scott told CoinDesk the launch is another sign that stablecoins are starting to challenge older payment models.
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