Western Union преображает денежные переводы с помощью стейблкоинов Translation: Western Union Transforms Money Transfers with the Help of Stablecoins

Western Union has initiated a pilot program for transactions involving stablecoins. This news was revealed during a conference call focused on the financial results for the third quarter.

This initiative is part of a strategy aimed at modernizing money transfers for over 150 million clients.

According to Western Union’s CEO, Devin McGraw, the project is expected to reduce reliance on traditional correspondent banks, minimize transaction times, and enhance capital efficiency.

“We see an opportunity to move money faster, more transparently, and with lower costs, without compromising compliance or customer trust,” stated McGraw.

Previously, Western Union had been hesitant to engage with cryptocurrencies due to their volatility and regulatory uncertainties. The company’s stance shifted following the passage of the GENIUS Act.

Western Union believes that stablecoins will provide customers with greater control over their finances, which is particularly important for users in high-inflation countries, allowing them to hold assets in US dollars.

The company reported that the share of digital transactions has risen to 55% of the total transfer volume. Revenue from its branded digital services has grown for the eighth consecutive quarter, increasing by 6%.

A key focus has been the expansion of digital wallets. The service has been launched in seven countries, including the US and Brazil, with user numbers exceeding 500,000. In Argentina, 15% of payments are made through wallets.

Western Union is also exploring partnerships with cryptocurrency firms for the exchange of fiat and virtual assets.

In the consumer segment, revenue surged by 49%, primarily driven by travel money services, which could reach $150 million by 2026.

In June, SG-FORGE, the cryptocurrency division of the French financial conglomerate Societe Generale, announced the launch of a stablecoin called USD CoinVertible.

In September, major European banks formed a consortium to issue a euro-pegged stablecoin, complying with the laws under MiCA. Participants include ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank, and Raiffeisen Bank International.

Additionally, in October, the 175-year-old French bank ODDO BHF announced the launch of a stablecoin called EUROD, pegged to the euro on the Polygon network.

Later, Early Warning Services, which manages the digital payment network Zelle, launched an initiative to integrate stablecoins for international money transfers.