Western Union explores ways to integrate stablecoins into its services as the company aims to modify cross-border payments.
On a Monday interview In Bloomberg, Western Union CEO Devin McGranahan said the company viewed Stablecoins as an opportunity. He also said that the exploration of cooperation with major Crypto industry players to offer Stablecoin on-Ramp and Off-Ramp Services, as well as a digital wallet.
“We see Stablecoin really as an opportunity, not as a threat. (…) We are 175 years old, and we have been innovative to the whole 175 -year -old () and Stablecoin is another chance to change,” McGranahan said.
McGranahan featured three places where the company could use Stablecoins: faster cross-border shifts, returning between Fiat and Stablecoins and served as a store of value in unstable economies.
Related: The Crypto Execs Center stage as Trump signed the Stablecoin Bill in law
Western Union is not new to crypto
The Western Union has been reported to have been testing new processes of regulating stablecoins in Africa and South America. However, this is not the first foray of the crypto company.
Western Union filed for three trademarks for crypto -related products until late October 2022. The firm also Partnership with Ripple To resolve payments of remittances in 2015.
However, Western Union’s cooperation with Ripple remains at the test phase. The company expressed interest in crypto, but it was announced will not add crypto transfers With its services in 2018.
Related: Crypto Execs to attend the US Stablecoin Bill signing after Thursday Vote
The Genius Act Spurs US Stablecoin Adoption
The revised interest came as the United States brings clarity of regulation to the Stablecoin sector. Government analysis of new innovation in the US Act, or Genius Act, is signed In the law on Friday. The new law Creates a national licensing framework for stablecoin providers.
The Genius Act also mandates one-on-one reserve, prohibiting the unlucky algorithmic stablecoins and topics that have given the rules to anti-money laundering. Stablecoin holders are also considered senior creditors in case of insolvency.
Dante Disparte, Chief Strategy Officer at Major Stablecoin Issuer Circle, recently said the The Genius Act will also be prevented Technology Giants and Wall Street Behemoths from the Dominating the Stablecoin Market.
He said any non-bank that would like to mint a dollar dollar token should spin out “a single creature that looks like a circle and not so much like a bank.” It is particularly relevant considering —a financial heritage Institutions are already putting the groundwork for their entry into the Stablecoin industry.
Magazine: Bitcoin vs Stablecoins Showdown approaches as the Genius Act approaches
