Key Highlights:
- Western Union exploring stablecoin integration in digital wallet
- Seeks partnerships for fiat-stablecoin on/off ramps
- CEO calls stablecoins an “opportunity, not a threat”
- Comes after U.S. passage of GENIUS Act
Remittance Giant Embraces Digital Currency Shift
Western Union is assessing ways to integrate stablecoin support into its global digital wallet infrastructure. CEO Devin McGranahan told Bloomberg that the company is exploring partnerships to facilitate both the buying and selling of stablecoins. Stablecoins could help Western Union streamline cross-border payments and offer better value to users in inflation-prone markets. McGranahan emphasized that the 175-year-old firm sees digital currencies as a new avenue for innovation, not a competitive threat.Legislative Green Light With the GENIUS Act
This exploration comes in the wake of the GENIUS Act, a new U.S. law that sets regulatory standards for dollar-backed stablecoins. The law mandates full reserves and annual audits for large issuers, laying the foundation for wider adoption by regulated financial players. Western Union views stablecoins as a means to speed up money transfers, reduce FX friction, and provide a store of value in unstable economies.
Read the full article on
theblock.
