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Western Union launched the dollar-backed token USDPT on Solana in May, issued by Anchorage Digital, as banks and financial institutions at MERGE Madrid 2026 shifted focus from cryptocurrency trading to building stablecoin and tokenized asset infrastructure. The conference ran from October 27 to 29, opening at Bolsa de Madrid before moving to Palacio de Cibeles.
Stablecoins as Payment Rails
Jordan Wain, Global Policy Lead at Chainalysis, stated that cryptocurrency economic activity reached approximately $9.4 trillion between June 2025 and June 2026. This figure represented a 1.6% year-on-year decrease, yet cross-border stablecoin transfers rose 80% over the same period. Wain noted that digital assets are increasingly used for real transactions even when market prices decline.
Alexandra Soroko of Visa highlighted stablecoin card settlement, which allows institutions to settle obligations seven days a week. She identified cross-border business payments and corporate treasury as the next areas for growth. Marie Winter, Managing Director of OSL EU, confirmed the company is a MiCA license entity in Austria, having received its license in early July. Winter stated that OSL EU is currently applying for a payment institution license and an EMI license, with an EU focus on third-party payment, exchange services, and on/off-ramp services.
Banking Roles and Tokenization
Stijn Vander Straeten, CEO of Crypto Finance Group, part of Deutsche Börse, questioned where banks are making money on digital assets today, noting that current offerings remain limited. He observed that banks are investing in staking, tokenized deposits, and new settlement infrastructure. Executives from Commerzbank, N26, and Applied Blockchain described a trend where banks act as the infrastructure enabling clients to use stablecoins, rather than holding large amounts themselves.
Mirko Pfiffner, Senior Solutions Manager at Bank Frick, rejected the notion that the industry no longer needs banks. He stated that exchanges and liquidity providers are significant in fiat currency and still require banking services. Pfiffner expects banks to specialize over the next five to ten years, with some focusing solely on payment rails, custody, or trading. António Henriques, CEO of Bison Bank, described the institution as Portugal’s first CASP inside a licensed bank, serving both crypto-native and traditional banking customers.
Shrutisagar Chandrasekaran of Fireblocks emphasized that the challenge is not primarily technological but an operating model issue involving people, process, and governance. Luis Nacarino of Santander CIB stated that new digital money systems must interoperate rather than operate as isolated networks. Alberto Carlos Alonso Temprado of Iberpay argued that Europe’s existing payment rails work well and that blockchain should build upon them rather than reinvent them.
On the tokenization front, Abel Peña, CSO at Bit2Me, announced the company received authorization to launch STX, a security token offering for tokenizing shares and bonds, initially aimed at medium-sized companies. BBVA and Bullish warned that tokenization requires sufficient investor liquidity to trade, including during volatile periods. The final day of the conference included supervisors from Spain, Portugal, Italy, Greece, Croatia, Cyprus, and Luxembourg.
AI Agents and Euro Stablecoins
Mastercard, Tether, and the Cardano Foundation discussed AI agents paying on behalf of consumers and businesses, stressing the need for clear permissions and digital identities. Luis Ayala, Managing Director for Latin America at BitGo, described agentic wallets as AI agents with the ability to make payments on behalf of natural persons. He expects this technology to spread from households to institutions, affecting micro-production and micro-services.
Guillaume Rodenas of TRM Labs stated that KYC for AI agents should begin with verifying the person or company controlling the agent. In a separate session, the Qivalis consortium, based in Amsterdam, presented its progress. The consortium has grown from nine founding banks to 37 institutions across 15 countries. It plans to operate under MiCA supervision by the Dutch central bank on public Ethereum. Euro stablecoins currently have a total market cap of less than $1 billion, compared to more than $300 billion for dollar-backed tokens.
Frequently Asked Questions
When did Western Union launch USDPT?
Western Union launched the dollar-backed token USDPT on Solana in May. The token is issued by Anchorage Digital and initially launched in Bolivia and the Philippines.
How many institutions are part of the Qivalis consortium?
The Qivalis consortium currently includes 37 institutions across 15 countries. It was founded by nine banks and plans to operate under MiCA supervision by the Dutch central bank.
