Western Union Tests Stablecoin Settlement System for Remittances

Western Union is launching a pilot program using stablecoins to streamline its remittance service for over 150 million customers. The initiative, announced by the company during their third-quarter earnings call, utilizes blockchain technology to reduce reliance on traditional banking systems and optimize processing times. CEO Devin McGranahan highlighted increased efficiency, transparency, and reduced costs as key benefits, while emphasizing compliance and customer trust. With approximately 70 million transfers completed each quarter, Western Union believes this stablecoin system offers advantages over conventional methods in over 200 countries.