Western Union is on the verge of launching a stablecoin strategy aimed at transforming its global payment settlement process. According to CEO Devin McGranahan, the company's US dollar stablecoin is nearing its launch, expected to take place next month. The stablecoin will operate on the Solana network and is being issued in partnership with Anchorage Digital. Initially, the stablecoin will be used as an alternative to the current interbank settlement system, allowing for real-time transactions, including weekends and holidays.
Western Union also plans to introduce a Digital Asset Network, enabling users to convert digital assets into local currency, and a Stable Card, which will allow customers to hold and spend stablecoins through card networks.