PANews reported on October 27th that, according to Cointelegraph, financial services company Western Union plans to pilot a stablecoin-based settlement system to modernize its remittance business for over 150 million customers. During Western Union's third-quarter earnings call on Thursday, CEO Devin McGranahan stated that the pilot "aims to utilize on-chain settlement channels, reduce reliance on traditional correspondent banking systems, shorten settlement cycles, and improve capital utilization efficiency." McGranahan stated that Western Union initially refrained from entering the cryptocurrency space due to concerns about volatility, regulatory uncertainty, and customer protection issues, but the passage of the GENIUS Act changed that course. Western Union stated that the stablecoin service will provide customers with more options and control over how they manage and transfer their funds, particularly for those in countries with high inflation.PANews reported on October 27th that, according to Cointelegraph, financial services company Western Union plans to pilot a stablecoin-based settlement system to modernize its remittance business for over 150 million customers. During Western Union's third-quarter earnings call on Thursday, CEO Devin McGranahan stated that the pilot "aims to utilize on-chain settlement channels, reduce reliance on traditional correspondent banking systems, shorten settlement cycles, and improve capital utilization efficiency." McGranahan stated that Western Union initially refrained from entering the cryptocurrency space due to concerns about volatility, regulatory uncertainty, and customer protection issues, but the passage of the GENIUS Act changed that course. Western Union stated that the stablecoin service will provide customers with more options and control over how they manage and transfer their funds, particularly for those in countries with high inflation.

Financial Giant Western Union to Pilot Stablecoin-Based Settlement System

2025/10/27 08:28
1 min read

PANews reported on October 27th that, according to Cointelegraph, financial services company Western Union plans to pilot a stablecoin-based settlement system to modernize its remittance business for over 150 million customers. During Western Union's third-quarter earnings call on Thursday, CEO Devin McGranahan stated that the pilot "aims to utilize on-chain settlement channels, reduce reliance on traditional correspondent banking systems, shorten settlement cycles, and improve capital utilization efficiency." McGranahan stated that Western Union initially refrained from entering the cryptocurrency space due to concerns about volatility, regulatory uncertainty, and customer protection issues, but the passage of the GENIUS Act changed that course. Western Union stated that the stablecoin service will provide customers with more options and control over how they manage and transfer their funds, particularly for those in countries with high inflation.

Market Opportunity
Spacecoin Logo
Spacecoin Price(SPACE)
$0.010375
$0.010375$0.010375
-3.36%
USD
Spacecoin (SPACE) Live Price Chart
Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact service@support.mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.

You May Also Like

Music body ICMP laments “wilful” theft of artists’ work

Music body ICMP laments “wilful” theft of artists’ work

The post Music body ICMP laments “wilful” theft of artists’ work appeared on BitcoinEthereumNews.com. A major music industry group, ICMP, has lamented the use of artists’ work by AI companies, calling them guilty of “wilful” copyright infringement, as the battle between the tech firms and the arts industry continues. The Brussels-based group known as the International Confederation of Music Publishers (ICMP) comprises major record labels and other music industry professionals. Their voice adds to many others within the arts industry that have expressed displeasure at AI firms for using their creative work to train their systems without permission. ICMP accuses AI firms of deliberate copyright infringement ICMP director general John Phelan told AFP that big tech firms and AI-specific companies were involved in what he termed “the largest copyright infringement exercise that has been seen.” He cited the likes of OpenAI, Suno, Udio, and Mistral as some of the culprits. The ICMP carried out an investigation for nearly two years to ascertain how generative AI firms were using material by creatives to enrich themselves. The Brussels-based group is one of a number of industry bodies that span across news media and publishing to target the fast-growing AI sector over its use of content without paying any royalties. Suno and Udio, who are AI music generators, can produce tracks with voices, melodies, and musical styles that echo those of the original artists such as the Beatles, Depeche Mode, Mariah Carey, and the Beach boys. “What is legal or illegal is how the technologies are used. That means the corporate decisions made by the chief executives of companies matter immensely and should comply with the law,” Phelan told AFP. “What we see is they are engaged in wilful, commercial-scale copyright infringement.” Phelan. In June last year, a US trade group, the Recording Industry Association of America, filed a lawsuit against Suno and Udio. However, an exception…
Share
BitcoinEthereumNews2025/09/18 04:41
Nvidia’s Strategic Masterstroke: Deepening Early-Stage Ties with India’s Booming AI Startup Ecosystem

Nvidia’s Strategic Masterstroke: Deepening Early-Stage Ties with India’s Booming AI Startup Ecosystem

BitcoinWorld Nvidia’s Strategic Masterstroke: Deepening Early-Stage Ties with India’s Booming AI Startup Ecosystem NEW DELHI, INDIA – October 2025: Nvidia Corporation
Share
bitcoinworld2026/02/20 09:30
Interest rate cuts are coming – investors can expect a 200% increase in returns through Goldenmining

Interest rate cuts are coming – investors can expect a 200% increase in returns through Goldenmining

GoldenMining promotes cloud mining contracts with fixed daily payouts and claims of 200% returns, offering XRP, BTC, ETH, and DOGE options with low entry barriers.
Share
Blockchainreporter2025/09/18 00:46