Western Union is on the verge of launching a stablecoin strategy aimed at transforming its global payment settlement process. CEO Devin McGranahan announced during the company's first-quarter earnings call that the US dollar stablecoin is nearing its launch, expected in May, and will operate on the Solana network in partnership with Anchorage Digital.
Initially, the stablecoin will be used as an alternative to the current interbank settlement system, enabling real-time transactions, including weekends and holidays, and reducing capital requirements. Additionally, the company is developing a Digital Asset Network, allowing crypto wallet users to convert digital assets into local currency through Western Union's retail network. A Stable Card is also planned for launch later this year, enabling customers to hold stablecoin funds and make transactions through card networks.