(22 July 2025 – United States) Western Union is exploring methods for integrating stablecoins into its digital wallet infrastructure.
Following the GENIUS Act being signed into law on July 18, stablecoins are experiencing growing mainstream acceptance. The GENIUS bill establishes a federal regulatory framework for stablecoins, requiring them to be fully backed by US dollars or other highly liquid assets. It also mandates annual audits for issuers with a market capitalisation exceeding US$50 billion and sets rules for issuance by foreign entities.
“We are exploring partnerships for on-ramp and off-ramp services to enable clients to purchase and sell stablecoins. The company is also assessing how we may offer stablecoin products in digital wallets to customers globally. We see stablecoin really as an opportunity, not as a threat” commented Western Union CEO Devin McGranahan.
“We’re 175 years old, and we’ve been innovative across those 175 years. And stablecoin is just yet one more opportunity to innovate. Western Union sees three key opportunities in stablecoin services, enabling faster cross-border transfers, facilitating conversion between stablecoins and fiat currencies and offering a store of value for customers in volatile economies.”
Stablecoin digital asset usage is growing rapidly yet concerns regarding supervision and their broader impact on financial markets stability continue to mount just as quickly. Citi forecasts that the total outstanding supply of stablecoins could expand from US$230 billion to as much as US$3.7 trillion by 2030.
“I think stablecoins could reinforce dollar supremacy because stablecoins can end up being one the largest buyers of US Treasuries. So all of a sudden, if you are using a stablecoin that’s backed by the US dollar in Nigeria, you don’t actually need to have dollars on your phone to transact. So I think there’s a very good chance that crypto is actually one of the things that locks in dollar supremacy” commented US Secretary of the Treasury, Scott Bessent.
It is estimated that for stablecoin issuers to become the #1 holders of US Treasury securities a five-fold increase to US$1.2 trillion would be required.