Western Union to Integrate Stablecoins, Citing Innovation and Faster Transfers
- Western Union is testing the introduction of stablecoins into its operations.
- The company's CEO called them an opportunity for innovation.
- They will help speed up international transfers, among other things.
Western Union, a money transfer company, has announced plans to integrate stablecoins into its digital infrastructure, CEO Devin McGranahan told Bloomberg.
“We see stablecoins as an opportunity, not a threat,” McGranahan emphasized.
The company, which has been in business for 175 years, has always been innovative, he said. “Stablecoins are another opportunity for innovation.”
Western Union is exploring partnerships to launch on-ramp and off-ramp services that allow customers to buy and sell stablecoins. The company is also considering options to integrate these assets into digital wallets for global use.
Additionally, McGranahan outlined three key opportunities that Western Union sees in the use of stablecoins:
Faster international transfers
Conversion between fiat currencies and stablecoins
Storing value for users in economically unstable countries
With this move, Western Union aims to position itself at the forefront of digital finance, responding to the rapidly evolving demands of a global customer base.
This initiative by Western Union comes after US President Donald Trump signed the GENIUS bill, which establishes the first federal regulatory framework for stablecoins in US history.
During the signing ceremony, Trump said, “We are taking a giant step toward strengthening U.S. dominance in global finance and crypto by signing the historic GENIUS Act.”
The new law requires all stablecoins to be fully backed by US dollars or liquid assets, and mandates annual audits for issuers with a market cap of over $50 billion. It also sets rules for foreign issuers operating in the US market.
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Western Union to Integrate Stablecoins, Citing Innovation and Faster Transfers
- Western Union is testing the introduction of stablecoins into its operations.
- The company's CEO called them an opportunity for innovation.
- They will help speed up international transfers, among other things.
Western Union, a money transfer company, has announced plans to integrate stablecoins into its digital infrastructure, CEO Devin McGranahan told Bloomberg.
“We see stablecoins as an opportunity, not a threat,” McGranahan emphasized.
The company, which has been in business for 175 years, has always been innovative, he said. “Stablecoins are another opportunity for innovation.”
Western Union is exploring partnerships to launch on-ramp and off-ramp services that allow customers to buy and sell stablecoins. The company is also considering options to integrate these assets into digital wallets for global use.
Additionally, McGranahan outlined three key opportunities that Western Union sees in the use of stablecoins:
Faster international transfers
Conversion between fiat currencies and stablecoins
Storing value for users in economically unstable countries
With this move, Western Union aims to position itself at the forefront of digital finance, responding to the rapidly evolving demands of a global customer base.
This initiative by Western Union comes after US President Donald Trump signed the GENIUS bill, which establishes the first federal regulatory framework for stablecoins in US history.
During the signing ceremony, Trump said, “We are taking a giant step toward strengthening U.S. dominance in global finance and crypto by signing the historic GENIUS Act.”
The new law requires all stablecoins to be fully backed by US dollars or liquid assets, and mandates annual audits for issuers with a market cap of over $50 billion. It also sets rules for foreign issuers operating in the US market.
Read More