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27/10/25 16:05 UTC-04

Western Union Launches Pilot Project for Stablecoin Transfers

Financial services company Western Union plans to launch a pilot version of a stablecoin-based settlement system for more than 150 million customers.

Western Union CEO Devin McGranahan said the pilot is designed to leverage blockchain-based settlements to reduce reliance on traditional correspondent banking systems, shorten settlement times, and improve capital efficiency.

The company processes around 70 million transfers each quarter, and blockchain technology could offer significant advantages over traditional money transfer systems, benefiting Western Union’s customers in over 200 countries.

McGranahan also explained that the company initially avoided involvement with cryptocurrencies due to concerns about volatility and regulatory uncertainty, but the adoption of the U.S. GENIUS Act has changed that stance.

According to an April statement from the U.S. Department of the Treasury, the stablecoin market recently surpassed $300 billion and is expected to reach $2 trillion by 2028.

See also: "QCP Capital: This Week Could Be Decisive for the Crypto Market"

#Stablecoins #Western Union

Editor: Yulia Krasnaya
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