Western Union explores stablecoin rollout in digital wallet amid industry optimism: Bloomberg

Global remittance giant Western Union is seeking ways to integrate stablecoins into its digital wallet infrastructure, as stablecoins see growing mainstream acceptance following the passage of the GENIUS Act.

In a Monday interview with Bloomberg, Western Union CEO Devin McGranahan said that the company is exploring partnerships for on-ramp and off-ramp services to enable clients to purchase and sell stablecoins.

McGranahan added that the company is also assessing how it might offer stablecoin products in its digital wallets to customers globally.

"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 said Western Union sees three key opportunities in stablecoin services: enabling faster cross-border transfers, facilitating conversion between stablecoins and fiat currencies, and offering a store of value for customers in volatile economies.

GENIUS

McGranahan's comment came after U.S. President Donald Trump signed the Guiding and Establishing National Innovation for U.S. Stablecoins, or GENIUS Act, last week. 

"We take a giant step to cement American dominance of global finance and crypto technology as we sign the landmark GENIUS Act into law," Trump said last week at the signing ceremony.

The GENIUS bill would establish a federal regulatory framework for stablecoins, requiring them to be fully backed by U.S. dollars or other highly liquid assets. It would also mandate annual audits for issuers with a market capitalization exceeding $50 billion and establish rules for issuance by foreign entities.