🤝 Bybit became the first major cryptocurrency exchange to join Western Union’s global USDPT network

🤝 Bybit became the first major cryptocurrency exchange to join Western Union’s global USDPT network

USDPT is a U.S. dollar-backed stablecoin 🇺🇸 issued by Anchorage Digital Bank (NA) on the Solana blockchain. It will now be available to users through Bybit’s fiat on-ramp and off-ramp channels.

➡️ USDPT is exchangeable for dollars at a 1:1 ratio and is fully backed by reserves. The stablecoin was designed for use in real-world payment systems: the new deposit and withdrawal channel reduces settlement times from days to minutes. For senders, this means faster fund delivery and lower overall costs.

➡️ The channel also helps eliminate potential capital lock-up and liquidity inefficiencies across multiple stages of the process for both Western Union and Bybit. Unlike traditional settlement networks that operate only during business days, USDPT supports 24/7 settlement.

➡️ The integration will initially be rolled out in selected Latin American markets, although the specific countries have not yet been announced.

➡️ Integration with a traditional payment brand represents a significant competitive advantage for Bybit.

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