Western Union's stock price surged 5.06% during intraday trading on Monday, marking a significant upward movement for the financial services company.

The sharp increase appears to be driven by the company's announcement that its USDPT dollar-backed stablecoin is ready for launch next month. Western Union plans to use the stablecoin for faster settlement across payment corridors as part of its broader move into digital assets. The company is also launching a Digital Asset Network that will connect crypto wallets with Western Union's extensive global cash-out network.

CEO Devin McGranahan emphasized during the firm's earnings call that "It is no longer a question of if Western Union will be active in digital assets; it is now how fast we can scale." The company also plans to introduce a Stable Card later this year that will allow consumers to hold and spend dollar-backed stablecoins across dozens of markets.