Western Union Plans Stablecoin Transfers as Crypto Adoption Skyrockets: Why $...
What to Know: 1️⃣ A global remittance giant is piloting stablecoin-based settlement rails to speed up cross-border payments, cut costs, and boost transparency for its 150M+ users. 2️⃣ Regulatory clarity drives innovation with the US’ GENIUS Act providing a compliance framework for Western Union and other institutions to safely adopt blockchain infrastructure. 3️⃣ By allowing […]
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In what could probably be called the surprise of the century, financial services company Western Union says Bitcoin just isn't quite ready for international money transfers - Western Union's big business. A huge surprise, indeed. It all went down at a Western Union conference that took place recently. "We're a long, long way from sending momma in Mexico $240 each month or a Somali family in a refugee camp $200 each month in bitcoin that is held in a wallet for conversion to local fiat currency and spending as needed," said MSB Compliance president Jay Postma. "The infrastructure and market....
In the world of cash-transfers, few other companies come to mind as instantaneously as Western Union. If you’ve walked in a convenience store anywhere between the west and east coast of the United States, you’ve probably seen a banner for Western Union. The remittance provider is currently facing a preliminary antitrust inquiry as the EU examines allegations of Western Union intentionally driving rivals out of business. Allegedly, Western Union is giving their retail outlet partners contracts with exclusivity contracts in them which don’t allow other cash-transfer services to operate....
Global financial services company Western Union is making a strategic move into the world of stablecoins, responding to the evolving landscape created by the recent passage of the GENIUS Act in the US. On Tuesday, the company announced its intention to launch the US Dollar Payment Token (USDPT), a new stablecoin, alongside its Digital Asset Network designed to integrate digital and fiat currencies. Western Union New USDPT Stablecoin Built on the Solana (SOL) blockchain and issued by Anchorage Digital Bank, USDPT aims to broaden the options for transferring money for customers, agents, and....
It is rather striking to see the average cost of Western Union transfers has remained virtually unchanged since 2014. A rather strange development, considering other providers managed to reduce their fees in the same period. Western Union Money Transfer In a new report by FXCompared, it has become evident the money transfer business is starting to lose momentum. In most cases, sending money around the world remains a very expensive business. Up-and-coming solutions such as cheaper remittance, and even cryptocurrencies, present far cheaper and global options. Mostly Western Union is losing....
As new U.S. government measures that impose restrictions on remittances to Cuba becomes effective after November 22, Western Union, which has been operating in the island nation since 1999, will close shop. The new rule, which was published on October 27, gave Western Union 30 days to implement new restrictions. The new rule is likely to increase the appeal of crypto assets as Cubans are now expected to find a suitable alternative in a very short space of time. Targeted Sanctions At the time of the initial U.S. government announcement, the global remittances giant had promised to find a....