In a confirmation, CEO Devin McGranahan stated that the company is currently testing out digital asset transactions in areas such as Africa and South America. These regions are particularly appealing for blockchain technology due to their high transaction fees and volatile currencies.
After the GENIUS Act was recently passed and signed into law by President Trump, this action aligns with it. The act establishes definite guidelines for stablecoin operations, such as full reserve backing and supervision from federal banking authorities. This new legislation removes any regulatory uncertainties, enabling conventional financial institutions to collaborate more freely with crypto companies.
McGranahan, during his NYSE talk, labeled stablecoins as a “logical progression” for Western Union. He highlighted their potential to expedite transactions, decrease expenses, and provide a more dependable form of currency exchange in developing economies. Earlier, Western Union had experimented with blockchain through Ripple and patent applications; however, this new approach signifies a significant strategic change now that regulatory guidelines have been established.
Western Union seems prepared to update its 175-year-old operations, with a focus on incorporating cryptocurrency in areas where it can have the greatest impact. Pilot projects are currently in progress.
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2025-07-23 17:12