The initiative is part of a broader strategy to modernize money transfers for more than 150 million customers.
According to Western Union CEO Devin McGranahan, the project will reduce reliance on traditional correspondent banks, shorten settlement times, and improve capital efficiency.
“We see an opportunity to move money faster, with greater transparency and lower costs—without compromising compliance or customer trust,” McGranahan said.
Western Union had previously avoided cryptocurrencies due to volatility and regulatory uncertainty. The company’s stance shifted following the passage of the GENIUS Act. Western Union believes stablecoins will give customers more control over their money—especially in high-inflation countries, where users can hold value in U.S. dollars.
Western Union processes around 70 million transfers each quarter. Blockchain technology could offer significant advantages over traditional remittance rails and could benefit its customers located in more than 200 countries.
Digital Transformation
The company reported that digital transactions now account for 55% of total transfer volume. Branded digital revenue has grown for eight consecutive quarters, up 6%.
A key focus is the expansion of digital wallets. The service has launched in seven countries, including the U.S. and Brazil, with more than 500,000 users. In Argentina, 15% of payments are received via wallets.
Western Union is also exploring integrations with crypto companies to enable fiat–to–crypto and crypto–to–fiat exchanges. In the consumer segment, revenue rose 49%. The main growth driver is travel money services, which could reach $150 million by 2026.
TradFi and Stablecoins
In June, SG-FORGE, the crypto-assets arm of French financial conglomerate Societe Generale, announced the USD CoinVertible stablecoin.
In September, major European banks formed a consortium to issue a euro-pegged stablecoin under MiCA rules. Participants include ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank, and Raiffeisen Bank International.
In October, the 175-year-old French bank ODDO BHF announced the launch of the EURO.
Meanwhile, MoneyGram confirmed it would soon roll out its crypto app in Colombia, allowing locals to save in the Circle’s USDC stablecoin and receive and transfer it overseas nearly instantly.