PANews reported on October 27th that, according to Cointelegraph, financial services company Western Union plans to pilot a stablecoin-based settlement system to modernize its remittance business for over 150 million customers. During Western Union's third-quarter earnings call on Thursday, CEO Devin McGranahan stated that the pilot "aims to utilize on-chain settlement channels, reduce reliance on traditional correspondent banking systems, shorten settlement cycles, and improve capital utilization efficiency." McGranahan stated that Western Union initially refrained from entering the cryptocurrency space due to concerns about volatility, regulatory uncertainty, and customer protection issues, but the passage of the GENIUS Act changed that course. Western Union stated that the stablecoin service will provide customers with more options and control over how they manage and transfer their funds, particularly for those in countries with high inflation.PANews reported on October 27th that, according to Cointelegraph, financial services company Western Union plans to pilot a stablecoin-based settlement system to modernize its remittance business for over 150 million customers. During Western Union's third-quarter earnings call on Thursday, CEO Devin McGranahan stated that the pilot "aims to utilize on-chain settlement channels, reduce reliance on traditional correspondent banking systems, shorten settlement cycles, and improve capital utilization efficiency." McGranahan stated that Western Union initially refrained from entering the cryptocurrency space due to concerns about volatility, regulatory uncertainty, and customer protection issues, but the passage of the GENIUS Act changed that course. Western Union stated that the stablecoin service will provide customers with more options and control over how they manage and transfer their funds, particularly for those in countries with high inflation.
Financial Giant Western Union to Pilot Stablecoin-Based Settlement System
PANews reported on October 27th that, according to Cointelegraph, financial services company Western Union plans to pilot a stablecoin-based settlement system to modernize its remittance business for over 150 million customers. During Western Union's third-quarter earnings call on Thursday, CEO Devin McGranahan stated that the pilot "aims to utilize on-chain settlement channels, reduce reliance on traditional correspondent banking systems, shorten settlement cycles, and improve capital utilization efficiency." McGranahan stated that Western Union initially refrained from entering the cryptocurrency space due to concerns about volatility, regulatory uncertainty, and customer protection issues, but the passage of the GENIUS Act changed that course. Western Union stated that the stablecoin service will provide customers with more options and control over how they manage and transfer their funds, particularly for those in countries with high inflation.
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