Western Union is reportedly considering introducing stablecoin-related services through its digital wallet infrastructure, as US lawmakers seek to formalise oversight of the burgeoning crypto asset class.
The move comes in the wake of the GENIUS Act, a new federal law signed last week by President Donald Trump, which establishes strict parameters for the issuance and operation of US-backed stablecoins.
In a Bloomberg interview, Western Union chief executive Devin McGranahan said the remittance group is pursuing partnerships to facilitate the purchase and sale of stablecoins and exploring how such offerings might be incorporated into its global suite of digital wallets.
“We see stablecoin really as an opportunity, not as a threat,” said McGranahan. “We’re 175 years old, and we’ve been innovative across [those] 175 years. And stablecoin is just yet one more opportunity to innovate.”
McGranahan outlined three potential benefits Western Union hopes to unlock through stablecoin integration: faster international payments, seamless conversion between crypto and traditional currencies, and a means of safeguarding value in inflation-prone markets.
The company’s announcement comes as Washington attempts to rein in the digital currency sector.
Under the GENIUS Act (formally titled the Guiding and Establishing National Innovation for US Stablecoins legislation) stablecoin issuers must back their tokens with dollar reserves or equivalent liquid assets.
The law also mandates annual audits for issuers with a market capitalisation exceeding $50bn and introduces compliance requirements for foreign entities.
