Western Union, one of the leaders in the money transfer market, has announced its intention to implement stablecoins into its digital ecosystem. According to CEO Devin McGranahan, the company views innovative digital assets as the key to creating new services and speeding up international transactions.
This is reported by Finway
Strategy for Implementing Stablecoins at Western Union
Western Union is working on developing partnership services for on-ramp and off-ramp operations that will allow users to buy and sell stablecoins. Additionally, the company is developing integration capabilities for digital assets into its own wallets, ensuring convenience for customers in various countries around the world.
“We see stablecoins as an opportunity, not a threat,” emphasized McGranahan.
Benefits for Users and Global Markets
The CEO of Western Union outlined three main benefits of using stablecoins for the company and its clients:
- Increased speed of international money transfers;
- Ability to convert between fiat currencies and stablecoins;
- Value preservation for residents of countries with unstable economies.
Western Union’s initiative to implement stablecoins has become relevant following the signing of the GENIUS Act by U.S. President Donald Trump. This historic document establishes the first federal regulatory framework for stablecoins in the U.S.
“We are taking a giant step towards strengthening the dominance of the U.S. in global finance and crypto technologies by signing the historic GENIUS Act.”
The new law stipulates that all stablecoins must be backed by U.S. dollars or liquid assets. For issuers with a market capitalization of over $50 billion, a mandatory annual audit is introduced, while separate requirements are established for foreign companies operating in the U.S. market.