Western Union, the 175-year-old financial services company, said that it is planning to integrate cryptocurrencies into its digital infrastructure.
In an interview with Bloomberg, CEO of Western Union, Devin McGranahan, said that the company is investigating how to offer stablecoin products in their digital wallets to customers worldwide.
When the host asked McGranahan’s view on stablecoins, he said, “Stablecoins are an ‘opportunity, not a threat’ … Anything allowing users to send money faster and cheaper across borders is going to be good for Western Union and its customers.”
Western Union has been running a settlement pilot program in South American and African nations, and the results show that integration of stablecoins increases efficiency.
This move by Western Union comes days after the passing of the GENIUS Act. This act has stable regulations for stablecoins, encouraging Western Union to integrate this technology into their firms.
Also Read: US Banks Ready with In-House Stablecoins as GENIUS Act Passes
