Western Union explores stablecoin business, accelerates cross-border payments and integration services

After the conclusion of "Cryptocurrency Week" and the passage of key legislation, Western Union announced that it will explore integrating stablecoins into its cross-border payment services.

Western Union CEO Devin McGranahan pointed out that #稳定币 is seen as an innovation opportunity for the company rather than a threat, and for this reason, the company is proactively exploring ways to incorporate stablecoins into its global services.

He emphasized that this integration will accelerate the speed of #跨境支付 and provide opportunities for conversions between fiat currency and stablecoins, especially in countries where currency exchange is difficult. Additionally, Western Union plans to offer stablecoins as a means of value storage to global customers.

Furthermore, Western Union is innovating its settlement processes with the aim of accelerating the transfer of funds and the free exchange of local currencies in regions such as South America and Africa. At the same time, the company is exploring partnerships with infrastructure companies to facilitate the free buying and selling of digital assets through these partners' platforms and to introduce stablecoin products into its digital wallet services.

The "GENIUS Act," signed by U.S. President Trump last week, aims to establish a clear regulatory framework for stablecoins to promote the development of the industry in the U.S., also igniting market imagination about the potential of stablecoins.

Standard Chartered Bank predicts that the market value of stablecoins may expand from the current $268 billion to $2 trillion by 2028. Moreover, White House cryptocurrency czar David Sacks boldly predicts that after the legislation is passed, the industry’s valuation may reach $3 trillion in the coming years.

Against the backdrop of changing regulatory environments in the U.S., several major American banks, including Bank of America (BofA) and Citibank, are also exploring this field. Bank of America CEO Brian Moynihan has confirmed that the bank is developing its own stablecoin and revealed that if the regulatory environment allows, the bank will "strongly" embrace cryptocurrencies.

In summary, from Western Union's active exploration of stablecoins to accelerate cross-border payments, to the proactive involvement of giants in the U.S. banking industry, along with the "GENIUS Act" pointing the way for the industry, stablecoins are rapidly moving to the center of the mainstream financial stage.

It is the mutual impetus of market enthusiasm and the entry of giants that jointly outlines a thriving future for stablecoins.