Money transfer providers face pressure from growing stablecoin adoption for cross-border payments and remittances.
Key Takeaways
- Western Union is exploring stablecoin integration to enhance its digital wallet services.
- The company aims to provide faster cross-border transactions and stablecoin-to-fiat conversions.
Western Union sees stablecoins as an opportunity, and the company is actively adapting its infrastructure and partnerships to integrate the technologies into its global payment rails, said CEO Devin McGranahan in a Monday interview with Bloomberg’s ‘The Close.’
“Stablecoin is just one more opportunity to innovate,” McGranahan said, pointing out three key opportunities for the 175-year-old money transfer company. These include fast cross-border money movement, converting stablecoins to fiat currencies, and providing customers with a stable store of value.
“What we see is stablecoin really as an opportunity, not as a threat,” he added.
McGranahan revealed that Western Union is already implementing new settlement processes in South America and Africa to facilitate quicker money transfers and local currency conversions.
The company is also exploring partnerships to enable customers to purc