Stablecoins may soon power faster remittances

Western Union weighs launch of its own dollar-backed cryptocurrency

- BY JUSTIN VARGHESE

More money transfer giants are racing to modernise cross-border payments. From stablecoins to blockchain-powered rails, new technology is reshaping how funds move across the globe — faster, cheaper, and with fewer middlemen.

Western Union, the 175-year-old global remittance giant, is weighing the launch of its own dollar-backed stablecoin — a move that could transform the way money is sent and received across borders.

“We're investigating the potential to issue a stablecoin, especially in markets outside the US,” said CEO Devin McGranahan, in a Bloomberg interview.

‘Like a savings account’

He described the coin as “almost like a savings account” for customers in countries where regulations allow it. The stablecoin would enable users to hold funds in a stable digital dollar alternative, reducing exposure to local currency inflation.

The initiative comes as a growing wave of stablecoin projects threatens to disrupt the traditional, slower remittance channels that have long defined the industry.