Western Union joins the crypto race with planned dollar-backed stablecoin #
Western Union, the 170-year-old remittance company once known for its telegraph network, is preparing to issue its own U.S. dollar–backed stablecoin, according to The Wall Street Journal. The company plans to leverage blockchain technology to enable faster and cheaper cross-border transfers, positioning itself alongside fintech and crypto-native rivals seeking to modernize global remittances
The stablecoin will be fully backed by reserves held in cash and short-term U.S. government securities, with issuance and management handled by Western Union’s in-house fintech division. The company intends to distribute the token through its existing money-transfer network, allowing customers to send and receive digital dollars seamlessly across borders
Executives say the move aligns with Western Union’s long-term strategy to evolve from a traditional remittance player into a digital payments provider. The firm joins a growing list of established financial institutions, including PayPal and JPMorgan, experimenting with stablecoins as blockchain-based settlement systems gain institutional traction.