Money giant Western Union to pilot stablecoin-powered transfers

Western Union is set to pilot a stablecoin-based settlement system to improve its remittance operations for over 150 million customers. CEO Devin McGranahan highlighted the potential to reduce reliance on traditional banking systems, shorten settlement times, and increase capital efficiency. The company processes approximately 70 million transfers quarterly and sees blockchain technology as a way to benefit customers in over 200 countries. Initial hesitation towards crypto due to volatility and regulation has lessened with the passage of the GENIUS Act. The move aligns with broader institutional adoption of stablecoins, a market exceeding $300 billion and projected to reach $2 trillion by 2028, and will offer customers, particularly those in high-inflation countries, more control over their money.

(Source：Cointelegraph)