Western Union launches stablecoin remittance trial

Global remittance company Western Union is piloting a stablecoin-based payment system. The move aims to improve remittance efficiency and reduce reliance on traditional banking networks.

On the 27th (Korean time), Cointelegraph reported that Devin McGranahan, Western Union's chief executive officer (CEO), said at the third-quarter earnings announcement, "We will use on-chain payment networks to shorten fund settlement times and improve capital efficiency," adding, "We see an opportunity to enable faster, more transparent, and lower-cost remittances."

Western Union handles about 70 million remittances per quarter across more than 200 countries worldwide. Western Union had delayed adopting virtual assets (cryptocurrencies) due to volatility and regulatory uncertainty. However, it is interpreted that the company shifted its stance after this year's passage of the GENIUS Act.

McGranahan said, "The ability to hold dollar-pegged assets in countries with high inflation has tangible value," and added, "This aligns with the strategy to modernize the movement of funds."