Western Union is piloting stablecoin remittance settlements in South America and Africa, aiming to improve transaction efficiency and financial inclusion amid rising competition.
Western Union is piloting stablecoin remittance settlements in select corridors across South America and Africa, aiming to enhance transaction efficiency. CEO Devin McGranahan highlighted that these efforts align with the GENIUS Act, which provides regulatory clarity for stablecoin issuers. The initiative reflects a response to increasing competition from stablecoin-native solutions that offer faster and cheaper transfers, as traditional remittance fees remain high. The company is also considering developing a consumer-facing crypto wallet, indicating a broader ambition to integrate blockchain technology into its operations.