Bybit and Western Union have partnered to make USDPT, a US dollar-denominated stablecoin issued by Anchorage Digital Bank, N.A., available through Bybit's fiat channels, with an initial focus on Latin American markets. The integration positions Bybit as the first major cryptocurrency exchange to join Western Union's USDPT network.
USDPT is built on the Solana blockchain and issued by Anchorage Digital Bank, N.A., a US national trust bank. The token is redeemable 1:1 for USD and is fully backed by reserves. It is designed to function within real-world payment systems, combining blockchain-based settlement with Western Union's compliance, risk management, and distribution infrastructure.
On- and off-ramp access in Latin America
Under the arrangement, users in selected Latin American markets can purchase USDPT using supported fiat currencies directly on Bybit, or convert holdings back to local currencies through the platform's One-Click Buy feature. According to the companies, the new channel reduces the time required from USDPT purchase to fiat off-ramp from days to minutes, while also lowering costs for senders and reducing settlement friction for both parties.
The integration is part of Western Union's broader digital asset strategy, which aims to create a settlement layer that operates independently of legacy financial infrastructure. Traditional settlement networks are typically limited to business hours, whereas USDPT is designed to enable around-the-clock settlement. Bybit, founded in 2018, provides the exchange platform, fiat liquidity, and user access, while Western Union contributes the stablecoin issuance framework, institutional backing, and its established global payout network.
Regulatory and ecosystem context
The involvement of Anchorage Digital Bank, N.A. — a federally chartered US trust bank — in issuing USDPT adds a layer of regulatory framing to the integration. The stablecoin is not issued or guaranteed by the US government, and Bybit's role is limited to operating the trading platform; it does not issue, back, or guarantee the token, nor does it provide remittance or money transfer services.
The collaboration reflects a wider industry shift in which established financial institutions and crypto exchanges are seeking to create interoperable infrastructure across traditional and digital finance. Stablecoin adoption in remittance corridors — particularly in Latin America, where cross-border transfers represent a significant share of household income in several countries — has drawn increasing attention from both regulators and market participants. The USDPT integration is positioned as an attempt to address practical friction in those corridors using programmable, blockchain-based settlement rather than conventional correspondent banking rails.
USDPT is currently available on Bybit for eligible users. Availability is subject to terms, conditions, and market-specific restrictions.
