Western Union Mulls Its Own Stablecoin as Payments Rivalry Grows

Western Union Co., the 175-year-old remittance giant, is considering launching its own dollar-backed stablecoin, as a growing number of cryptocurrency projects compete with its core business of moving money across international borders.

“We are exploring the opportunity for us to issue a stablecoin, particularly in non-US markets,” Chief Executive Officer Devin McGranahan said in an interview Monday, adding that a coin could be “almost like a savings account in US dollars” for customers in other countries where regulators will allow the activity.

Western Union joins a long list of financial firms looking to capitalize on the rise of stablecoins ...