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 existing interbank settlement system, allowing for real-time transactions, including weekends and holidays, and reducing the need for capital. Additionally, Western Union is developing the Digital Asset Network, enabling users to convert digital assets into local currencies through its retail network, with a partner pipeline representing tens of millions of crypto wallets worldwide.
The company also plans to introduce a Stable Card, which will enable customers to hold funds in stablecoins and make transactions through card networks, with an initial rollout expected later this year.