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Denver-headquartered American multinational financial services corporation Western Union is on track to introduce a Solana-based stablecoin, The Wall Street Journal reports.
The product, which has been dubbed the "U.S. Dollar Payment Token" (USDPT), is set to be launched next year.
Western Union, which boasts a total of 100 million customers, aims to make transactions more efficient.
President Devin McGranahan has stated that embracing represents the "next chapter" in its journey.
Western Union famously completed the very first transcontinental telegraph line back in 1861.
This is a developing story. Stay tuned for updates.