Western Union in the U.S. considering launch of stablecoin…"Seeking opportunities"

It has been confirmed that Western Union, a major U.S. remittance company, is considering launching its own stablecoin.

Devin McGranahan, CEO of Western Union, said in an interview with Bloomberg on the 11th (local time), "We are seeking opportunities to issue a stablecoin in regions outside the U.S. market." McGranahan explained that the stablecoin "could be virtually the same as a savings account denominated in U.S. dollars."

Western Union is considering the launch of a stablecoin because the global payments and remittance market is increasingly being penetrated by stablecoins. Western Union's stock price has dropped by about 21% compared to the beginning of this year as a result.

Some speculate that major crypto companies such as Circle may acquire Western Union in the future. Regarding this, McGranahan said, "Of course, if someone offers a price that matches the company’s value, we would accept it."

It is also possible that Western Union could launch a stablecoin in collaboration with existing crypto companies. McGranahan stated, "(Already) we are in negotiations with most of the key players in this field."