Western Union CEO Confirms Plans to Integrate Stablecoin into Its Digital Wallet

Western Union CEO Devin McGranahan suggests that stablecoins are not a threat, but rather a catalyst that accelerates cross-border settlements.

McGranahan shared this view during a recent Bloomberg interview, where he provided insights into the company’s recent operations

Stablecoin Is an Opportunity, Not a Threat

According to him, the financial services corporation does not consider stablecoins a threat to its business, but rather an opportunity

Although he did not mention potential partners, he hinted that Bloomberg has already interviewed some of the companies it intends to partner with on the stablecoin initiative

Growing Interest in Stablecoins Among Banks and Financial Institutions

Notably, McGranahan made the disclosure just days after President Donald Trump signed the stablecoin legislation, the GENIUS Act, into law. The law provides a clear framework for U.S. dollar-pegged stablecoins.

Meanwhile, Western Union is not the only financial institution exploring stablecoins as a tool for digital payments. As previously reported, top U.S. banks, including Bank of America, Citibank, JPMorgan Chase, and Wells Fargo, are pursuing a joint stablecoin venture. Under the venture, the banks intend to issue their stablecoin soon

It is no surprise that banks are exploring stablecoins for digital payments. Stablecoins are typically known for maintaining a stable price and facilitating low-cost, fast payments. Promoters emphasized that these features are crucial for enhancing the traditional payment system, which many consider outdated

Besides banks, other major financial institutions have also shown interest in stablecoins, with some rolling out their own. Last year, Ripple launched RLUSD, a stablecoin that has skyrocketed to a market capitalization of $532 million in barely seven months after its debut

The stablecoin market has gained traction over the years, boasting a valuation of $267.21 billion. Tether (USDT) remains the leader of this market, with its valuation currently standing at $161.71 billion