Western Union has signalled interest in stablecoins as a way to speed up money transfers, improve currency conversions, and offer a store‐of‐value option for customers.
The announcement came Tuesday in a Bloomberg interview with CEO Devin McGranahan, who said the company plans to build stablecoin rails into its global payment network. This push follows growing competition in remittances and clearer rules for digital coins.
Interest in Stablecoins
Speaking on Bloomberg’s The Close, McGranahan said Western Union sees stablecoins as an opportunity rather than a threat.
He noted three key uses, and they are faster cross‐border payments, better fiat conversion in remote markets, and a reliable store of value for people in countries with weak currencies. The firm plans to let customers buy and sell these coins directly through its platform.
McGranahan said Western Union is talking with partners that provide on‐ramps and off‐ramps in various regions.
He explained that the goal is to make it simple for customers to move money in and out of stablecoins.
The company is already rolling out new settlement processes in South America and Africa to test these services in real markets.
Potential Benefits
Stablecoins give the assurance of near‑instant settlement and 24/7 availability. They discard the need for middlemen and trim foreign exchange markups.
McGranahan pointed out that global remittance fees still average 6.6%, while stablecoins can drive costs below the UN target of 3%. This could help Western Union maintain its edge as rivals adapt to the digital age.
Regulatory Boost
Last week, President Donald Trump signed and cleared the GENIUS Act into law, making a clear US and solid framework for issuing and trading stablecoins.
The new rules are expected to speed up adoption by banks, retailers, and traditional finance firms. McGranahan said that with clearer guidance, Western Union felt confident moving forward.
Other players are also jumping on board. OwlTing, which works with MoneyGram, said it has seen double‑digit monthly inquiries from businesses since May.
BVNK co‑founder Chris Harmse wrote on LinkedIn that stablecoins offer long‑term cost savings through greater liquidity, tighter spreads, and smarter routing. Their views echo the growing consensus that digital money will reshape remittances.
Market Impact
Legacy money providers face enough pressure as users seek faster, cheaper options. Western Union and MoneyGram once dominated this sector, but now things have changed.
Now, they must come up with something new or risk losing share to crypto‑powered services. By adding stablecoins, Western Union aims to combine its global reach with the speed and efficiency of blockchain.
Western Union plans to expand its stablecoin tests to more corridors once the pilots in South America and Africa prove successful.
Also Read: JPMorgan Says Regulators Back Tokenised Bank Deposits More Than Stablecoins