Money giant Western Union to pilot stablecoin-powered transfers
Western Union CEO said there are “significant opportunities” to utilize stablecoins for sending and receiving money across borders.
Financial services company Western Union is set to pilot a stablecoin-based settlement system to modernize its remittance operations for its more than 150 million customers.
During Western Union’s third-quarter earnings call on Thursday, CEO Devin McGranahan said the pilot is “focused on leveraging onchain settlement rails to reduce dependency on legacy correspondent banking systems, shorten settlement windows, and improve capital efficiency.”
Western Union processes around 70 million transfers each quarter. Blockchain technology could offer significant advantages over traditional remittance rails and could benefit its customers located in more than 200 countries.