Western Union has tapped Fireblocks to support USDPT as the company prepares to settle with agents using its first stablecoin this year.

USDPT is Western Union’s U.S. dollar-backed stablecoin.

Fireblocks will provide the wallet, settlement and financial operations infrastructure, with support from Dynamic’s embedded wallet technology and TRES’ financial platform.

Dynamic and TRES were both recently acquired by Fireblocks.

Western Union plans to roll out USDPT operations on Fireblocks first in the Philippines and Bolivia, before expanding across its global network through 2026.

The company said USDPT will allow customers in selected markets to hold value in U.S. dollars, convert funds into local currency, and use the balances for spending and transfers through Western Union’s network.

Fireblocks will support USDPT treasury operations, custody, policy controls, issuance and movement through its Payments Engine.

Its network connects to more than 2,400 institutional counterparties across more than 100 countries for liquidity and settlement.

Dynamic will provide non-custodial embedded wallets for Western Union’s agents, while TRES will convert on-chain data from USDPT operations into SWIFT MT940 and MT942 bank statement formats used by Western Union’s treasury and finance systems.

Malcolm Clarke, Global Head of Digital Assets at Western Union, said,

“Stablecoins are the foundation of how we deliver the next generation of settlement and consumer services in an evolving digital ecosystem. It puts a programmable dollar into our vast ecosystem and provides Western Union a platform from where we can continue to deliver customer utility and value.

Working with Fireblocks, Dynamic and TRES provide a key part of our infrastructure enabling us to operationalise safely and securely at scale from day one.”

Michael Shaulov, CEO and Co-Founder of Fireblocks, said,

“Every major shift in financial services requires infrastructure that can keep pace. Western Union has operated the rails of global money movement for more than 170 years.

Building USDPT on Fireblocks represents a generational modernisation of that infrastructure, and we’re proud to be the platform they’ve chosen to build it on.”

The rollout is part of Western Union’s broader plan to modernise settlement infrastructure as the payments industry moves on-chain.

Featured image: Edited by Fintech News Singapore, based on image by noob via Magnific