Western Union to pilot stablecoin-based payment system

Global remittance firm Western Union has announced plans to pilot a stablecoin-based payment system. According to Cointelegraph, the company stated its focus is on using on-chain systems to reduce reliance on traditional banking, shorten payment times, and improve capital efficiency. Western Union also noted that such a system would help customers in countries struggling with inflation manage their funds. The move follows a previous statement from the company that it was considering the launch of its own stablecoin.