Western Union to Launch Dollar-Backed Crypto for Nigerians, Revolutionizing Remittances
Western Union, a renowned money transfer company, is set to introduce a US dollar payment token (USDPT) on the Solana blockchain by 2026. The CEO, Devin McGranahan, announced this groundbreaking initiative at the Money20/20 fintech conference in Las Vegas.
With operations in over 200 countries and a significant presence in 50 African markets, Western Union processed $102.9 billion in global cross-border payments in 2024. Nigeria, Kenya, and South Africa are key markets for the company, with millions depending on remittances.
The stablecoin launch is poised to capture a larger share of the fast-growing digital market, offering near-instant and low-cost transfers, particularly in Africa where currency volatility is a concern.
Plus234Feed summary based on reporting from Legit NG. Read the original report below.
Read full article
Continue on Legit NG
Get the week in one email
Top stories, NPFL results, the naira — every Friday morning. Free, one email a week.
Related Stories
Sterling Bank Partners with Thunes for Free Diaspora Remittances
Future of Money: Stablecoins vs. Fiat Currency - Collaboration Over Competition
Nigerians Embrace Direct US Stock Trading via Bitget, Bypassing Brokers
Monica Cash: Fast Crypto to Naira Conversions in Nigeria
DeepWell Capital Redefines Diaspora Remittance Market with AI and Transparency
CBN Confirms Nigeria's Plan to Adopt Cryptocurrency and Study Stablecoin
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
