Western Union will pilot a stablecoin transfer service

ChainCatcher news, according to Cointelegraph, financial services company Western Union will pilot a stablecoin-based settlement system to modernize remittance services for its over 150 million customers.

Western Union CEO Devin McGranahan stated during the Q3 earnings call that the pilot project focuses on utilizing on-chain settlement rails to reduce reliance on traditional correspondent banking systems, shorten settlement windows, and improve capital efficiency. He emphasized that the company sees significant opportunities to transfer funds with greater speed, higher transparency, and lower costs, without compromising compliance or customer trust. Western Union processes approximately 70 million transfers each quarter, and blockchain technology offers significant advantages over traditional remittance rails. The company stated that stablecoin services will provide customers with more choices and control, particularly for users in countries with severe inflation, where holding dollar-denominated assets has practical value.