Western Union is piloting a stablecoin-based settlement system to modernize its global remittance operations, as announced by CEO Devin McGranahan during the Q3 earnings call. The initiative aims to reduce reliance on correspondent banks, accelerate cross-border transactions, and improve capital efficiency. This move comes in the wake of the U.S. GENIUS Act, which has clarified federal regulations for stablecoin usage. In addition to the stablecoin pilot, Western Union is expanding its digital wallet offerings in regions with high remittance demand and increasing cryptocurrency adoption. The company seeks to provide customers with more options and control over their financial transactions, potentially reducing remittance costs by up to 95%.