Financial services company Western Union is testing a stablecoin-based settlement system to enhance remittance operations for its 150 million customers. CEO Devin McGranahan highlights benefits of blockchain technology, aiming to expedite transactions while maintaining compliance. The move follows the company’s plans to integrate stablecoins for cross-border transfers, influenced by the GENIUS Act.

Stablecoins are seen as a solution for high-inflation countries, offering customers in such regions more control over their finances. Western Union’s move aligns with its strategy to modernize money transfers. Competitors like Zelle and MoneyGram are also integrating stablecoins into their platforms for cross-border transactions, reflecting a broader trend of institutional adoption in the industry.

Read more at CoinTelegraph: Western Union Says Stablecoins Are faster and cheaper