STABLECOINS | Western Union Already Implementing Stablecoin Settlement Processes in Africa, Says CEO

Western Union, a global leader in money transfers, is now integrating stablecoins and blockchain technology to modernize its cross-border payment infrastructure.

Speaking in an interview with Bloomberg, Western Union’s CEO, Devin McGranahan, revealed that the company is actively actively adapting its infrastructure and partnerships to integrate the technologies into its global payment rails.

“Stablecoin is just one more opportunity to innovate,” McGranahan said, pointing out three key opportunities for the 175-year-old money transfer company.

“What we see is stablecoin really as an opportunity, not as a threat.”

He noted that Western Union is already implementing new settlement processes in South America and Africa to facilitate quicker money transfers and local currency conversions.

In addition, McGranahan higlighted stablecoins as a store of value and how the company is looking to this:

“For many of our customers around the world, a stablecoin presents a store of value that is tough to achieve in their country. So offering stablecoins as a store of value to our customers is going to be an opportunity.”

The company is also exploring on and off-ramp partnerships for stablecoins:

“We are also exploring other partnerships with people who want on ramps and off ramps in different parts of the world and how we could enable Western Union’s funds in and funds out to enable people to purchase and sell stablecoins,” said McGranahan.

“We’re investigating how we might offer stablecoin products in our digital wallets to our customers around the world,” he said, noting these initiatives would involve partnerships with infrastructure companies.

McGranahan emphasized that stablecoins are particularly useful in countries with illiquid or expensive fiat currencies. By leveraging stablecoins for cross-border settlements, Western Union can improve transaction efficiency and lower costs – especially in areas with limited access to traditional banking services.

This move puts Western Union among a growing list of financial institutions adopting blockchain-based solutions to upgrade global remittances, a multi-trillion-dollar market. Other players like PayPal, Visa, and MoneyGram have also launched blockchain integrations and stablecoin initiatives in recent years.

The company did not specify a timeline or regions where this integration is currently live but hinted at continued expansion as digital assets mature and regulations evolve.

Stablecoins are putting increasing pressure on traditional remittance and cross-border payment providers by offering faster, cheaper, and more accessible alternatives. As adoption accelerates, legacy firms must adapt – or risk falling behind.

Although stablecoin transactions aren’t always the lowest-cost option today, they are gaining long-term cost advantages through increased liquidity, narrower spreads, and smarter transaction routing, according to Chris Harmse, Co-Founder and Managing Director at BVNK. With advancements in risk management and better integration between fiat and crypto systems, stablecoins are poised to fundamentally transform the global payments landscape.

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