Western Union plans to introduce its own stablecoin, USDPT, in partnership with Anchorage Digital on the Solana blockchain. This move aims to enhance cross-border payments and compete with rapidly growing fintechs. The stablecoin is expected to benefit remittance receivers in unstable economies.

Tensec, a cross-border payments startup based in Palo Alto, has raised $12 million in funding led by Costanoa Ventures to enhance its real-time payment and transaction banking services for small and medium-sized global trading companies. With plans for expansion into Europe and Asia, Tensec aims to triple its clients' annual trade volume from $10 billion to $30 billion, targeting outdated payment infrastructures in the global market.

Visa is piloting the use of stablecoins for cross-border payments via its Visa Direct platform, aiming to enhance transaction speed and reduce costs for businesses. The initiative allows companies to pre-fund payments with stablecoins, significantly cutting down settlement times from days to minutes.