Western Union joins stablecoin race, eyes crypto partnerships — CEO
Main Idea
Western Union is exploring stablecoin partnerships and digital wallet services to modernize cross-border payments, viewing stablecoins as an opportunity for innovation.
Key Points
1. Western Union CEO Devin McGranahan stated that the firm sees stablecoins as an opportunity for innovation in cross-border payments.
2. The company plans to offer stablecoin on-ramp and off-ramp services, as well as a digital wallet.
3. Western Union has a history of innovation, including a past partnership with Ripple for remittance settlements in 2015.
4. The GENIUS Act, signed into law on July 18, establishes a national licensing framework for stablecoin issuers, requiring one-to-one reserves and prohibiting unbacked algorithmic stablecoins.
5. Circle's chief strategy officer noted that the GENIUS Act will subject stablecoin issuers to Anti-Money Laundering rules.
Description
Western Union is exploring stablecoin integration for cross-border transfers, conversions and digital wallets, positioning it as an innovation opportunity.
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