Recently, U.S. President Donald Trump officially signed the "U.S. Stablecoin Innovation and Regulatory Act" (GENIUS Act), establishing a national regulatory framework for stablecoins in the U.S. With the establishment of the regulatory framework, Western Union CEO Devin McGranahan, who has a 175-year history, revealed in a recent interview that the company is exploring the possibility of offering stablecoin services globally and directly pointed out that stablecoins are an opportunity, not a threat.
(U.S. banking industry requests to postpone approval of crypto company trust bank licenses: fearing it could undermine financial stability)
Trump signs the GENIUS Act, establishing a national regulatory framework for stablecoins in the U.S.
Recently, U.S. President Donald Trump officially signed the "U.S. Stablecoin Innovation and Regulatory Act" (GENIUS Act), becoming the first federal legislation in U.S. history specifically addressing stablecoins. The act establishes a national regulatory framework for U.S. stablecoins, including:
Stablecoins must be fully backed: Fully guaranteed by U.S. cash and deposits in Federal Reserve accounts, as well as short-term U.S. Treasury bonds maturing within 93 days.
Annual audits for large issuers: Issuers with a scale exceeding $50 billion must undergo an audit once a year.
Foreign issuer regulations: Only legally approved stablecoin issuers by U.S. federal or state regulatory agencies can issue stablecoins in the U.S.
(Trump signs the GENIUS Act! The first U.S. stablecoin regulatory legislation is officially implemented)
Global multinational remittance leader Western Union is exploring opportunities for stablecoin development.
Moreover, Western Union CEO Devin McGranahan also stated in an interview with Bloomberg that the company is seeking partnerships for stablecoin entry and exit, making it easier for customers to buy and sell stablecoins, and is exploring how to provide stablecoin services in its cryptocurrency wallet to global users.
Devin McGranahan said, "We see stablecoins as an opportunity, not a threat. We have a 175-year history, and we have been innovating for 175 years. Stablecoins represent another opportunity for innovation."
Devin McGranahan pointed out that Western Union sees three key opportunities in stablecoin services: achieving faster cross-border transfers, facilitating the conversion between stablecoins and fiat currencies, and providing value storage for customers in unstable economies.
This article Western Union CEO: Stablecoins are an opportunity, not a threat! Exposing that the multinational remittance leader is exploring stablecoin business, first appeared in Chain News ABMedia.
