Western Union is preparing to integrate stablecoins into its global remittance infrastructure, marking a strategic shift toward digital assets as regulatory clarity around digital currencies continues to emerge.
In an interview with Bloomberg on July 22, CEO Devin McGranahan confirmed that the company is actively piloting stablecoin-based settlement models in South America and Africa. These tests aim to modernize cross-border transactions, particularly in regions grappling with volatile local currencies and limited access to traditional banking services.
According to McGranahan, “Stablecoins represent an opportunity, not a threat,” as he emphasized the potential to streamline foreign exchange processes and significantly reduce remittance costs. In addition to settlement trials, Western Union is exploring crypto on- and off-ramp infrastructure, with plans to launch a proprietary stablecoin wallet tailored to underserved markets.
WESTERN UNION CEO: “WE’RE INVESTIGATING HOW WE MIGHT OFFER STABLECOIN PRODUCTS IN OUR DIGITAL WALLETS TO OUR CUSTOMERS AROUND THE WORLD,” pic.twitter.com/UsFPpGN6tQ
— The Wolf Of All Streets (@scottmelker) July 22, 2025
This shift comes shortly after the signing of the GENIUS Act by U.S. President Donald Trump, which for the first time establishes a federal framework for the issuance and use of stablecoins. The legislation is already reshaping sentiment across the financial sector, with banks and fintech firms previously hesitant due to legal uncertainty now actively engaging in stablecoin strategies.
As part of its broader crypto ambitions, Western Union is focusing on wallet deployment in regions where mobile phone usage is high but access to formal banking remains low. The goal is to deliver faster, cheaper, and more accessible financial services by leveraging blockchain infrastructure.
However, the company’s pivot has drawn criticism from some lawmakers. Senator Elizabeth Warren voiced strong opposition to the growing involvement of private firms in stablecoin issuance, warning of potential privacy breaches and systemic financial risks. “Then they’ll come begging for a bailout when it inevitably blows up,” she said.
Despite the political pushback, the momentum behind stablecoins appears to be accelerating. Ripple CEO Brad Garlinghouse recently told CNBC’s Squawk Box that the sector, currently valued at around $250 billion, could grow to between $1 trillion and $2 trillion in the coming years, driven by institutional adoption and regulatory clarity.
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