Western Union to Pilot Stablecoin Settlement System for Global Remittances
Western Union, the global payments giant, is taking a significant step toward blockchain-powered remittances with a pilot program for stablecoin-based settlements. The initiative aims to modernize the processing of approximately 70 million quarterly money transfers across 200 countries, serving over 150 million customers.
CEO Devin McGranahan highlighted the potential of onchain settlements to enhance speed, reduce costs, and improve transparency—without compromising compliance or trust. The MOVE follows months of exploration into digital asset integration, previously delayed by regulatory uncertainty and volatility concerns.
The GENIUS Act's recent passage provided the regulatory clarity needed to advance the pilot. McGranahan emphasized the opportunity to reduce reliance on correspondent banking networks, signaling a broader institutional shift toward stablecoin adoption in cross-border finance.
