Western Union has announced the launch of pilot programs for the use of stablecoins for payments in regions such as Africa and South America. This decision has been made possible by the new GENIUS Act, which provides clear rules for stablecoin operations.
Pilot Programs in Developing Regions
CEO Devin McGranahan confirmed that the firm is now piloting digital asset payments in areas where high fees and currency instability make blockchain tools especially appealing.
The GENIUS Act and Its Impact on the Crypto Industry
The recently passed GENIUS Act, signed by President Trump, provides clear rules for stablecoin operations—including full reserve backing and oversight from federal banking regulators. This has opened the door for traditional financial institutions to explore partnerships with crypto firms.
The Future of Western Union in Digitalization
McGranahan, speaking at the NYSE, described stablecoins as a 'natural evolution' for Western Union, noting they could speed up transfers, reduce costs, and offer a more stable medium of exchange in emerging markets. This marks a deeper shift in strategy, now that legal guardrails are in place.
With pilot programs underway and the GENIUS Act, Western Union demonstrates readiness to adapt to digital changes and utilize new technologies to optimize its services.
