Filipinos managing money from overseas, freelancing for global clients, or seeking exposure to foreign currency can now hold and trade Western Union’s U.S. dollar-denominated stablecoin directly through local digital asset exchange PDAX.
The integration gives local crypto users direct access to USDPT (U.S. Digital Payment Token), a digital asset pegged 1:1 to the U.S. dollar, without navigating complex foreign exchange desks or waiting out traditional banking hours.
Bypassing the Standard Remittance Clock
For millions of overseas Filipino workers (OFWs) and digital freelancers, moving U.S. dollars into the Philippines has traditionally meant dealing with strict cut-off times, intermediary bank fees, and weekend delays.
USDPT operates on the Solana blockchain, allowing value to settle around the clock. By listing USDPT on PDAX, users can convert their digital dollars to Philippine pesos or trade them against other crypto assets on a platform regulated by the Bangko Sentral ng Pilipinas (BSP), the company said in a statement.
How the Token Works Under the Hood
While Western Union designed the stablecoin and provides its cross-border infrastructure, USDPT is issued by Anchorage Digital Bank, N.A., a federally chartered U.S. trust bank.
- According to the issuers, USDPT is fully backed by reserves consisting of U.S. dollar deposits, U.S. Treasury securities, and cash equivalents, maintaining a 1:1 redemption ratio with the U.S. dollar.
- The choice of Solana as the underlying blockchain provides low network transaction fees and fast processing times compared to traditional wire transfers or older blockchain networks. PDAX users can buy, sell, and swap USDPT on both the mobile application and web platform.
“For many Filipinos, especially OFWs, freelancers, and families receiving money from abroad, access to financial tools that support faster, more flexible ways to move and manage value is important,” said Nichel Gaba, CEO and Founder of PDAX. “By making USDPT available on PDAX, we are giving PDAX users another way to access digital dollars through a regulated local platform.”
Vince Tallent, Senior Vice President and Head of Asia Pacific at Western Union, noted that the partnership aims to “bridge digital assets and traditional financial networks” across the region.
A Shifting Landscape for Remittances
Stablecoin adoption in the Philippines continues to expand as local users look for hedges against fiat currency fluctuations and cheaper ways to receive cross-border payments. The Philippines remains one of the largest remittance markets globally, receiving tens of billions of dollars annually.
Legacy money transfer institutions are increasingly adopting public blockchain rails to streamline liquidity and settlement. Western Union is the latest to adopt in this trend and although it isn’t their first time in the space, the institution is pushing to integrate crypto and blockchain recently. (Read More: Western Union Launches Stablecard Visa Wallet for USDPT Stablecoin Spending Across 37 Markets)
This article is published on BitPinas: Filipinos Can Now Hold and Trade Western Union Digital Dollars Directly on PDAX
What else is happening in Crypto Philippines and beyond:
