Western Union seeks to integrate stablcoins to its global remittances services

By Hannah Pérez

Western Union sees the stablecoins as “an opportunity, not as a threat,” said his CEO. The company wants to integrate them to facilitate currency conversion, accelerate speed and offer an alternative value reserve.

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• The remittance giant Western Union explores alliances to integrate Stablecoins.
• “We see the stablcoins really as an opportunity, not as a threat,” said the CEO.
• The company wants to integrate them to facilitate currency conversion and accelerate speed.
• He also said they could offer customers in volatile economies a reserve of alternative value.
• The Genius law provides regulatory clarity on Stablecoins and motivates institutions to explore them.

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The remittance giant Western Union is working to integrate the Stablecoins to its money transfer services in the midst of greater acceptance of the class of assets and the new regulatory clarity in the United States.

This has been revealed by the CEO of Western UnionDevin McGranahan, who advanced Monday in an interview with Bloomberg that the company is exploring associations to allow customers to buy and sell Stablecoins.

Founded in 1851, the leading company in cross -border payments would be looking for alliances for entry and exit services with the intention of integrating Stablecoinswhile visualizing offering products from Stablecoins In their digital wallets to customers around the world.

“We see the stablecoins really as an opportunity, not as a threat“Said McGranahan. “We are 175 years old and we have been innovative throughout [esos] 175 years. And the stablecoin is just one more opportunity to innovate. ”

Western Union See attractive in Stablecoins

The Stablecoins –Tokens Digital linked to a real world asset, often a fiduciary currency such as the US dollar – have caught the attention of banks for their potential to improve the inherited payment model, accelerating the times, reducing costs and facilitating operations 24/7 with greater transparency and traceability.

For Westen Uniona world reference for cross -border money transfers, include Stablecoins In its services it could be a disruptive factor for your business, which would mean that its users could send value called in US dollars through borders using technology Blockchainin a more efficient way than the traditional method.

Compared to commissions up to 5-10% to send money through services such as Western Uniontransfer USDT via a network Blockchain as Tron It frequently has a cost of just some cents and is completed in seconds.

McGranahan explained that the company sees three key opportunities in the services of Stablecoins: allow faster cross -border transfers, facilitate conversion between Stablecoins and fiduciary coins and offer a value reserve for customers in volatile economies.

“The last time I checked it, you could not spend stable coins if you wanted to buy a Coca Cola, so converting Stablecoins into fiduciary coins, especially in more difficult coins to convert, it is an opportunity for us”said.

Genius law provides regulatory clarity

The Stablecoins They are the central object of the new cryptocurrency legislation of the United States, the Genius law. Signed by President Donald Trump last Friday, the Genius Law It would establish a federal regulatory framework for stable currencies, introducing backup requirements and audits for issuing, as well as rules for foreign issuing.

“We take a gigantic step to consolidate the American domain of global finances and cryptographic technology by converting into law the historical genius law“Trump said last week during the signature ceremony.

The comments of the CEO of Western Union They occur in the midst of a changing regulatory panorama and when traditional financial institutions are increasingly interested in Stablecoins. The Wall Street Titans, JPMorgan, Citigroup and Bank of America They are some of those who have recently revealed intentions to integrate Stablecoins or issue their own.

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Hannah Estefanía Pérez / Diariobitcoin

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