Western Union is now exploring stablecoins as it faces increasing competition in the global remittance sector. CEO Devin McGranahan highlighted three key areas for stablecoin application: enhancing cross-border payment speed, improving fiat conversion in underserved markets, and providing a store-of-value for customers in countries with unstable currencies. His remarks come as interest in stablecoins rises, particularly following the recent enactment of the GENIUS Act, which establishes a U.S. framework for stablecoin trading. This legislation is expected to boost adoption among banks and retailers. Western Union is already testing new settlement processes in regions like South America and Africa, while also considering partnerships for crypto transactions and stablecoin wallet services. Darren Wang, CEO of OwlTing Group, noted that stablecoins could significantly lower remittance costs, which currently average 6.6%. Despite the positive outlook, some, like Senator Elizabeth Warren, express concerns about potential risks associated with private currencies. Nevertheless, the trend towards stablecoins appears to be gaining momentum, especially among SMEs and migrant worker platforms. Read more AI-generated news on: https://app.chaingpt.org/news