Appold Market Watch - Week ending 31 October 2025
Market Update & Industry News - Week ending 31 October 2025
🔷 Western Union announced plans to launch the U.S. Dollar Payment Token (USDPT), a Solana-based stablecoin issued by Anchorage Digital Bank, alongside a new Digital Asset Network connecting digital and fiat systems. Set for release in early 2026, USDPT will enable users to send, receive, and hold value globally, integrating Western Union’s compliance infrastructure and Anchorage’s regulated custody.
Appold view: Western Union, the world’s largest international money transfer provider, facilitates nearly 290 million transactions yearly, with remittances forming a core part of its business. For years, stablecoins have represented a disruptive threat to this model. This announcement demonstrates that Western Union is recognising the shifting landscape and the need to evolve, as traditional services and fee structures risk becoming uncompetitive in a digital, blockchain-driven market.
🔷 Citi and Coinbase will collaborate on digital asset payment capabilities for Citi's institutional clients, focusing initially on fiat pay-ins/pay-outs and payments orchestration. The partnership aims to integrate on and off-ramps between fiat and digital asset ecosystems, enhancing 24/7 payment accessibility and exploring alternative fiat-to-stablecoin methods.
Appold view: This announcement follows J.P. Morgan’s partnership with Coinbase, which has quickly made Coinbase the go-to company for banks to facilitate digital asset developments.
🔷 Visa plans to support four new stablecoins across four blockchains, representing two currencies, aiming to expand its digital asset services. CEO Ryan McInerney highlighted the company's intention to facilitate stablecoin minting and burning by banks.
Appold view: While the chosen blockchains remain unknown, the key story is the announcement of support for two currencies. While the U.S. dollar has traditionally been the primary backing for stablecoins, introducing a second currency marks a bigger strategy. By doing so, Visa sets a new benchmark for the next generation of stablecoins, expanding beyond USD dominance.
🔷 BlackRock-backed Securitize has launched a tokenised credit fund in collaboration with BNY Mellon on the Ethereum blockchain, offering exposure to AAA-rated collateralised loan obligations (CLOs). BNY Mellon will act as custodian, with Grove planning a $100 million anchor investment.
Appold view: As the range of tokenised financial instruments continues to expand, including assets such as credit funds, it adds further credibility to the sector. Although these products remain accessible only to institutional investors through platforms like Securitize, their settlement on public blockchains lays the groundwork for future retail participation, along with an expansion toward broader market access and liquidity.
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