As part of the partnership, Crossmint plans to integrate with Western Union's Digital Asset Network and support access to USDPT within its existing wallet and payment APIs.
- The partnership is expected to help enable new fintech applications move funds instantly on Solana, hold value in digital dollars, and connect to Western Union's payout options where available.
- Western Union's Digital Asset Network is designed to link stablecoins to real-world cash access.
- The company last month reported that its fourth-quarter revenue of $1.0 billion decreased 5% yoy.
Crossmint on Wednesday said that it is partnering with Western Union to support the rollout of U.S. Dollar Payment Token (USDPT) on Solana, and the company's newly announced Digital Asset Network.
USDPT is Western Union's (WU) new U.S. dollar-denominated stablecoin. Shares of WU were up 1.3% at the time of writing.
Western Union's Digital Asset Network is designed to link stablecoins to real-world cash, allowing users to convert digital dollars into local currency through more than 360,000 collection points worldwide.
Crossmint is an enterprise-grade, all-in-one stablecoin and wallet infrastructure enabling fintechs and enterprises to integrate crypto rails and smart wallets with speed, compliance, and scale.
Partnership Details
As part of the partnership, Crossmint plans to integrate with Western Union's Digital Asset Network and support access to USDPT within its existing wallet and payment application programming interfaces (API)s.
The partnership is expected to help enable new fintech applications move funds instantly on Solana, hold value in digital dollars, and connect to Western Union's payout options where available.
"Western Union's Digital Asset Network is designed to link digital value with our global cash and payout ecosystem," said Malcolm Clarke, Western Union's Vice President of Digital Assets. "Working with partners like Crossmint helps to seamlessly connect global wallets and digital platforms to Western Union's trusted payment infrastructure.
Recent Earnings
Western Union reported its fourth-quarter earnings last month, clocking revenue of $1 billion, down 5% on both a reported and an adjusted basis. The change in revenue was largely driven by growth in its Consumer Services and Branded Digital businesses, offset by a slowdown in the Americas retail business.
The company said that in the fourth quarter, adjusted earnings per share increased to $0.45 from $0.40 in the prior year period as it benefited from higher adjusted operating profit and fewer shares outstanding.
How Did Stocktwits Users React?
Retail sentiment around WU stock trended in the ‘bearish’ territory amid ‘low’ message volume.
Shares in the company have risen 3.7% year-to-date.
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