Western Union CEO: Stablecoins are "an opportunity, not a threat": Bloomberg | CoinDesk JAPAN

• Devin McGranahan, CEO of international remittance company Western Union, stated that stablecoins are "not a threat but an opportunity."
• Mr. McGranahan stated in an interview with Bloomberg on July 21 that anything that allows for faster and cheaper cross-border remittances would be beneficial for Western Union and its customers.
• Stablecoins are forming the foundation of new cryptocurrency regulations in the United States, and last week, the first significant bill known as the GENIUS Act was enacted.

Devin McGranahan, CEO of Western Union, stated that stablecoins are "not a threat but an opportunity" for international remittance companies.

Mr. McGranahan stated in a Bloomberg interview on July 21 that what allows users to send money across borders more quickly and cheaply is beneficial for Western Union and its customers.

A stablecoin is a cryptocurrency that is linked to the value of traditional financial assets such as fiat currencies, with the US dollar being the most common.

Using blockchain technology to transfer value denominated in US dollars across borders can be perceived as a threat to Western Union's business model, allowing for faster, cheaper, and more efficient remittances than traditional methods.

"Recently, as far as I can confirm, you cannot purchase Coca-Cola with stablecoins. Therefore, converting stablecoins into fiat currency, especially those that are difficult to cash out, is an opportunity for us," said Mr. McGranahan.

He added that for such users, stablecoins could serve as a means of storing value.

Stablecoins form the basis of new cryptocurrency regulations in the United States, with the first major cryptocurrency-related bill, the "GENIUS Act," having been enacted last week.

The GENIUS Act defines the settlement of payments using stablecoins, with the Federal Reserve Board (FRB) and the Office of the Comptroller of the Currency (OCC) overseeing the issuance by banks and non-banks, respectively.