Western Union has unveiled plans to introduce a brand new “steady card” to guard customers in high-inflation economies as a part of its stablecoin technique.
Talking on the UBS International Know-how and AI convention, chief monetary officer Matthew Cagwin said the initiative builds on the corporate’s investor-day reveal that it’s transferring past conventional cross-border funds and right into a multi-pillar digital asset roadmap.
Cagwin pointed to Argentina, the place annual inflation lately hit 250–300%, noting that remittances can lose almost half their worth in a month. “Think about a world the place your loved ones within the US is sending you $500 dwelling, however by the point you spend it within the subsequent month, it is solely value $300,” he stated.
“We are able to see an excellent utility for our steady card there, which is an increment to our pay as you go card now we have at the moment right here within the US,” he added.
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Western Union to difficulty a coin
Cagwin additionally revealed Western Union’s intention to difficulty its personal coin. He stated the corporate believes its distribution footprint throughout 200 international locations provides it a pure benefit, particularly in rising markets the place remittances kind a big share of GDP.
“We predict that we are able to make a marketplace for our coin in these markets. And we needed to have the ability to management the economics, management the compliance and management the general distribution, and we predict we are able to develop that past that,” he stated.
One other main a part of the corporate’s digital asset technique is its Digital Asset Community, or DAN, which hyperlinks Western Union to 4 on-ramp and off-ramp suppliers. The platform is anticipated to go dwell within the first half of 2025.
Associated: Money giant Western Union to pilot stablecoin-powered transfers
Western Union picks Solana for its stablecoin
As Cointelegrpah reported, Western Union has confirmed that its upcoming stablecoin settlement system might be constructed on the Solana (SOL) blockchain. The system will middle on the US Greenback Fee Token (USDPT) and a brand new Digital Asset Community developed with Anchorage Digital Financial institution. USDPT is slated to launch within the first half of 2026, with distribution by way of accomplice exchanges.
Western Union has additionally filed a trademark application for “WUUSD,” signaling plans for a set of crypto providers, together with a pockets, buying and selling options and stablecoin fee processing. The submitting has been accepted however not but assigned to an examiner.
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