TechFlow news, October 27 — According to Cointelegraph, financial services company Western Union will pilot a stablecoin-based settlement system to modernize remittance services for its more than 150 million customers.
Western Union CEO Devin McGranahan said during the Q3 earnings call that the pilot project "focuses on leveraging on-chain settlement rails to reduce reliance on traditional correspondent banking systems, shorten settlement windows, and improve capital efficiency." He emphasized that the company sees "significant opportunities to move money faster, with greater transparency and lower cost, without compromising compliance or customer trust."
The report noted that Western Union processes approximately 70 million transfers per quarter. The company stated that stablecoin services will offer customers greater choice and control, particularly valuable for users in countries suffering from high inflation, as holding dollar-denominated assets carries practical value.
