Financial giant Western Union will pilot a stablecoin-based settlement system

PANews reported on October 27 that according to Cointelegraph, financial services company Western Union plans to pilot a stablecoin-based settlement system to modernize and upgrade its remittance business for more than 150 million customers. During Western Union's third-quarter earnings call on Thursday, CEO Devin McGranahan said the pilot "aims to leverage on-chain settlement channels, reduce reliance on traditional correspondent banking systems, shorten settlement cycles, and improve capital usage efficiency." McGranahan said Western Union initially stayed away from cryptocurrencies due to concerns about volatility, regulatory uncertainty and customer protection issues, but the passage of the GENIUS Act changed that process. Western Union said that the stablecoin service will provide customers with more choices and control over the management and transfer of funds, especially those in countries with high inflation.
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