Wester Union Looks to Offer Stablecoin Services, CEO Says
Western Union is exploring the integration of stablecoins into its services to modernize cross-border payments. CEO Devin McGranahan views stablecoins as an opportunity for innovation rather than a threat. The company is considering partnerships with major crypto players to provide stablecoin on-ramp and off-ramp services and a digital wallet. Potential applications include faster cross-border transfers, fiat-stablecoin conversions, and serving as a store of value in unstable economies. Western Union is testing stablecoin settlement processes in Africa and South America and has previously filed for crypto-related trademarks. The recent GENIUS Act in the U.S. establishes a national licensing framework for stablecoin issuers, mandates one-to-one reserves, and subjects issuers to Anti-Money Laundering rules, aiming to prevent dominance by large tech firms in the stablecoin market.
