According to HashNews, Western Union is piloting a stablecoin settlement system to modernize its remittance services for over 150 million customers. During the company’s Q3 earnings call, CEO Devin McGranahan stated the initiative aims to reduce reliance on traditional banking systems, shorten settlement times, and improve capital efficiency. Western Union processes around 70 million transactions per quarter and sees blockchain as a key enabler for its 200+ country customer base. The company previously hesitated due to concerns over crypto volatility and regulatory uncertainty, but the GENIUS Act has shifted its stance. Stablecoins are expected to offer users, especially in high-inflation regions, more control and protection against currency devaluation. Competitors like Zelle and MoneyGram are also integrating stablecoins for cross-border transactions.
Western Union Pilots Stablecoin Settlement for Cross-Border Remittances
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