Western Union Dives Into Stablecoins: Too Little, Too Late? 😂

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Western Union has finally realized what the rest of us knew for years: if you can’t beat the crypto nerds, join them. 🤷‍♂️

Because apparently, after 175 years of wiring money (and charging insane fees), they’ve decided stablecoins are “just one more opportunity to innovate.” Sure, buddy. Keep telling yourself that. 😏

So… What’s the Plan Here? 🤔

According to Western Union CEO Devin McGranahan—yes, that’s a real name—he spilled the beans during an interview with Bloomberg’s The Close. The company wants to integrate stablecoins into its global payment systems. Translation: they’re late to the party but bringing chips. 🥳

McGranahan also hinted at partnerships so customers can buy and sell stablecoins through their platform. Because nothing screams “modern” like a 19th-century company trying to figure out blockchain. 🔗

“Stablecoin is just one more opportunity to innovate… We are exploring other partnerships with people who want on ramps and off ramps in different parts of the world,” McGranahan said.

Translation: “Help! We’re drowning in irrelevance!” 🙃

Apparently, they’re already testing new settlement processes in South America and Africa. Faster transfers, local currency conversions—it’s almost like they’re trying to stay relevant. Almost. 🌍💸

Oh, and get this: McGranahan claims stablecoins aren’t a threat; they’re an opportunity. Right. Like when Blockbuster said streaming was “just another way to watch movies.” 🎬💀

“What we see is stablecoin really as an opportunity, not as a threat,” he added.

Sure, pal. Keep sipping that optimism juice while your app downloads plummet faster than your stock price. 📉

Speaking of which, Matthew Sigel from VanEck dropped some brutal truth bombs earlier this year. Downloads of remittance apps like Western Union (-22%) and MoneyGram (-27%) are tanking because, well, stablecoins exist now. Who needs a middleman charging highway robbery fees when you can send USDC instead? 💸

Remittance App Downloads Falling Sharply as Western Union (-22%) & Moneygram (-27%) Lose Share to Stablecoins

— matthew sigel, recovering CFA (@matthew_sigel) January 6, 2025

And let’s not forget their Q1 2025 report, where revenue dropped 6%. Oof. That’s gotta sting. Maybe someone should tell them that denial isn’t just a river in Egypt. 🐫

Stablecoins Are Eating Their Lunch (and Dinner) 🍕🍟

Here’s the tea: stablecoins are faster, cheaper, and frankly better than anything Western Union or MoneyGram ever dreamed of offering. BVNK co-founder Chris Harmse even chimed in on LinkedIn, saying stablecoins have long-term cost advantages thanks to liquidity, tighter spreads, and smarter routing. In English? They’re winning because they’re not stuck in the Stone Age. 🪨➡️🚀

Legacy players like Western Union used to rule the roost, but now companies like Wise and Remitly are making them look like dinosaurs. And guess what? Stablecoins are about to make Wise and Remitly look old-school too. Yikes. 🦖

“Wise wins on cost because of deep corridor liquidity. Remitly wins on reach—they’re everywhere cards and wallets can’t go. Stablecoins bring something neither covers: logic inside the money,” one user commented.

Meanwhile, MoneyGram—yes, Western Union’s eternal frenemy—beat them to the punch by launching MoneyGram Wallet in 2024. It lets users send USDC remittances with cash pickup options in 180 countries. NBD. 🌐💵

Liz Bazurto from MetaMask saw this coming ages ago. She predicted traditional giants would hop on the stablecoin train eventually. Looks like she was right. Better late than never, I guess? 🤷‍♀️

“I can see a path for WU and MoneyGram to enable Stables. MoneyGram has enabled Stellar (USDC) for on and offramps,” she wrote.

Fun fact: the total stablecoin market cap hit an all-time high of $262.301 billion. Meanwhile, Western Union is over here Googling “what is a stablecoin?” 🧮😂

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2025-07-22 12:00