Western Union is considering launching a U.S. dollar-backed stablecoin to modernize its remittance services and compete with crypto-driven money transfer solutions. CEO Devin McGranahan said the coin would initially focus on non-U.S. markets where regulations permit, potentially serving as “almost like a savings account in US dollars” for customers.
The move follows new U.S. laws integrating stablecoins into the broader financial system. For remittance providers, this change is critical as crypto projects promise faster, cheaper cross-border payments.
Currently, Western Union relies on partner banks for transfers, which can take two to three days. A proprietary stablecoin could deliver near-instant settlements without traditional banking intermediaries.
Competitors are already advancing — PayPal has launched its PYUSD stablecoin, adding it to its Xoom service, while Circle’s USDC is rapidly expanding via bank and fintech partnerships. Western Union’s entry would mark a significant shift, blending its global remittance network with blockchain-powered efficiency.
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