Stablecoins? Western Union CEO says ‘we’re in,’ highlighting institutional interest after GENIUS Act reshapes the digital payment landscape.
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Western Union CEO Views Stablecoins as an Opportunity, Not a Threat
Western Union CEO Devin McGranahan said in an interview with Bloomberg that the company does not view “stablecoins as an opportunity, not a threat.” According to him, any technology that allows users to send money faster and cheaper across borders “is going to be good for Western Union and its customers.”
McGranahan also emphasized that the use of stablecoins may have a positive impact on the company’s business, especially in segments where effective conversion into fiat currencies is required. He noted that many users still need to convert digital assets into local money:
“Last I checked, you couldn’t spend stablecoin if you wanted to buy a Coca-Cola, so converting stablecoins into fiat currencies, particularly in harder to convert currencies, is an opportunity for us.”
But there is another key aspect McGranahan highlighted, namely that stablecoins can serve as a complement to existing money transfer channels, particularly as a form of value storage.
“For such users, a stablecoin may represent a store of value.”
Naturally, all of this is an immediate response from major players to multiple pro-crypto initiatives, especially the recent GENIUS Act. When regulation is clearly defined and fully enacted, the risks of using such assets are dramatically reducedfor large players, and they are ready to engage.
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Conclusion
Institutional readiness to integrate stablecoins, especially from one of the oldest and largest payment services like Western Union, is highly indicative.
This wave will likely continue at least with stablecoins, but other pro-crypto regulations and crypto assets are also in motion.
Stay tuned to follow the latest developments in regulation, institutional moves, and opportunities in DeFi.
