Western Union CEO: “Stablecoins, An Opportunity Rather Than a Threat to Banks”

Devin McGranahan, CEO of Western Union, stated that stablecoins will act as an opportunity rather than a threat to the banking industry.

In an interview with Bloomberg on the 21st (local time), CEO McGranahan said, “Western Union has innovated for the past 175 years, and stablecoins represent yet another important turning point.”

He emphasized, “Stablecoins benefit both our company and customers as they allow for fast cross-border money movement. In regions where converting to fiat currency is difficult, stablecoins can serve as a means of exchange, and in certain countries, they can be used as a safe store of value.” He also added, “Such opportunities are not threats, but new drivers of growth.”

Western Union is already testing settlement processes utilizing stablecoins in certain regions of South America and Africa. In these areas, the company is said to be collaborating with local partners to move funds faster and build structures that make conversion to local currencies easier.

As part of its digital transformation, integrating stablecoin-based services into its own digital wallet is also being discussed. CEO McGranahan said, “We are exploring ways to provide stablecoins within our digital wallet to customers worldwide,” and noted that “various partnerships with infrastructure companies are already being discussed.”