Devin McGranahan: Western Union leverages stablecoins for real-time transactions, enhances financial access in unstable regions, and transforms capital efficiency

April 7, 2026 Adam Forsyth

Key takeaways

Western Union is integrating stablecoins to enhance its financial infrastructure and improve transaction efficiency.
Crypto already facilitates real-time transactions, countering misconceptions about its capabilities.
Stablecoins enhance capital efficiency and provide seamless off-ramps for digital assets at an institutional level.
Stablecoin-backed cards offer banking services in countries with unstable currencies.
The introduction of stablecoins has transformed financial services for customers in regions with currency instability.
The competitive landscape in crypto presents opportunities rather than threats for Western Union.
Local market liquidity and access to central banks are crucial for competitive advantage in crypto transactions.
Meta’s reentry into the stablecoin space is not a significant concern for Western Union.
Facebook and WhatsApp pose potential risks due to their widespread use as communication platforms.
Western Union’s stablecoin setup allows for efficient capital management and compliance.
The Genius Act has implications for stablecoins in financial transactions, providing new opportunities.
Western Union’s customers are unlikely to use platforms like Coinbase for remittances, highlighting a unique market position.
The strategic issuance of stablecoins helps Western Union move money globally in a capital-light manner.

Guest intro

Devin McGranahan is President, Chief Executive Officer, and Director of The Western Union Company. He previously served as Senior Group President, Global Business Solutions at Fiserv, Inc., where he launched platforms including Carat and Clover that grew the omni-channel business to over $1 billion in revenue.

How Western Union leverages stablecoins

Western Union is using stablecoins to enhance its financial infrastructure and improve efficiency.
With the passage of the genius act we saw an opportunity to leverage stable coins to do a couple of things… we solved the problem a long time ago of consumers being able to send consumers money and being able to pick it up instantly.

— Devin McGranahan
Stablecoins allow Western Union to optimize capital usage and expand financial access.
Stable coins at an institutional level allow us to take a lot of capital out of the system to make it more efficient…we’re opening up our network to lots of other people who wanna get access to basically off ramps and tough places around the world.

— Devin McGranahan
The integration of stablecoins is part of a broader strategy to improve transaction efficiency.
Western Union’s stablecoin-backed cards provide access to banking services in unstable currency regions.
We’re also gonna be able to give people stablecoin backed cards so you can walk into a western union and you can walk out with a stablecoin card and that in essence is almost a bank account… you can keep it on the card in us dollar denominated asset you can then spend it at a point of sale.

— Devin McGranahan
The setup of their stablecoin allows for more efficient capital management and compliance.
We’re trying to move money around the world principally for ourselves and in a much more efficient and effective and capital light way… I need to own the float which means I need to issue the coin.

— Devin McGranahan

The real-time capabilities of crypto transactions

Crypto already facilitates real-time transactions, countering common misconceptions.
People talk a lot about oh well crypto will be able to make it real time it already is real time.

— Devin McGranahan
Western Union has achieved real-time transaction capabilities through crypto.
The integration of crypto into financial services enhances transaction speed and efficiency.
Real-time transactions are a key advantage of using digital assets in financial systems.
The ability to conduct real-time transactions is a significant benefit for consumers.
Crypto’s real-time capabilities challenge traditional transaction methods.
The misconception that crypto cannot facilitate real-time transactions is addressed.

Stablecoins as a transformative force in financial services

Stablecoins can significantly change the financial landscape for customers in countries with currency instability.
The value proposition change for our received customers is actually a pretty big deal… you can now open essentially us bank accounts for all a 100,000,000 customers you couldn’t do that before stable coins.

— Devin McGranahan
The introduction of stablecoins has transformed financial services for underserved populations.
Stablecoins provide new opportunities for financial inclusion in regions with unstable currencies.
The use of stablecoins in financial services enhances access to banking and financial products.
Stablecoin-backed cards offer a banking alternative in economically unstable regions.
The transformative potential of stablecoins is evident in their impact on traditional banking systems.
Stablecoins enable financial services to reach previously inaccessible markets.

Competitive dynamics in the crypto space

The competitive landscape presents opportunities rather than threats for Western Union.
I see those folks as an opportunity so none of those customers are my customer… my customers are unlikely to open a coinbase account to send $200 to their mom in guatemala…

— Devin McGranahan
Local market liquidity and access to central banks are critical for competitive advantage.
We actually trade with the central bank… we can get in and out of saf at about 2%… if you go into the gray market… it’s six or 7% because they don’t have access to a central bank.

— Devin McGranahan
Western Union’s unique customer base differentiates it from other crypto platforms.
The strategic perspective on competition emphasizes the uniqueness of Western Union’s market position.
Competitive dynamics in the crypto space are influenced by market liquidity and central bank relationships.
Western Union’s competitive advantage lies in its ability to leverage local market dynamics.

The role of communication platforms in financial transactions

Meta’s reentry into the stablecoin space is not a significant concern for Western Union.
I don’t worry about meta that much… the beauty of my business is people like that make money mostly by selling advertising… my customers are generally at the lower end of the social and economic strata.

— Devin McGranahan
Facebook and WhatsApp pose potential risks due to their widespread use as communication platforms.
The platform that poses the most potential risk to us would be facebook and whatsapp simply because all of my customers everywhere in the world use that as a communication platform.

— Devin McGranahan
The evolving nature of communication platforms includes financial transactions.
The integration of financial services into communication platforms presents new challenges.
Western Union’s strategic viewpoint highlights the disconnect between Meta’s business model and its target market.
The role of communication platforms in financial transactions is a significant consideration for traditional financial services.

Strategic issuance of stablecoins by Western Union

Western Union’s stablecoin setup allows for efficient capital management and compliance.
We’re trying to move money around the world principally for ourselves and in a much more efficient and effective and capital light way… I need to own the float which means I need to issue the coin.

— Devin McGranahan
The strategic issuance of stablecoins helps Western Union move money globally in a capital-light manner.
Owning the float is a key advantage of issuing stablecoins for Western Union.
The operational benefits of stablecoin issuance include improved capital management.
Western Union’s strategy involves leveraging stablecoins for global money movement.
The issuance of stablecoins is part of a broader strategy to enhance financial operations.
The setup of their stablecoin provides operational advantages in financial transactions.