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Western Union eyeing stablecoin launch to settle global transactions without SWIFT, CEO says
The 175-year-old money-transfer firm also plans to issue a stablecoin-linked card for payments and cash-out options from crypto to local currencies, CEO Devin McGranahan said.
Apr 27, 2026, 8:35 p.m.
What to know:
- Western Union is on track to launch its U.S. dollar stablecoin USDPT next month, CEO Devin McGranahan said during the firm’s earnings call.
- The company will initially use USDPT behind the scenes as an alternative to the SWIFT interbank network, aiming for real-time, around-the-clock settlement with its agents, McGranahan said.
- Western Union is also developing a Digital Asset Network for cashing out from crypto wallets and a Stable Card that will let customers hold stablecoins and spend via card networks, targeting inflation-sensitive markets, he added.
Western Union plans to use the stablecoin first as an alternative to the interbank settlement rails it uses today to move money between the company and its agents.
“We are not originally launching [USDPT] as consumer-facing,” McGranahan said. “We are launching it as an alternative to the interbank SWIFT settlement network that we use today.”
That matters, he said, because Western Union’s business still depends on legacy banking systems that settle only on business days and can take two or three days in some markets. Stablecoins could allow the company to settle with partners in real time, including over weekends and holidays, while reducing capital tied up in the system, he added.
