Fireblocks CEO Michael Shaulov on How Western Union’s New Stablecoin Stands Out

Why It Matters

The collaboration shows legacy remittance firms leveraging blockchain to cut costs and speed cross‑border payments, signaling a tipping point for institutional stablecoin adoption.

Key Takeaways

• Western Union partners with Fireblocks to launch its first stablecoin.
• Fireblocks will supply wallet, settlement, and cross‑border infrastructure.
• Stablecoin volume now 65% of Fireblocks’ transaction flow.
• Banks are filing RFPs to adopt tokenized assets by 2026.
• Fireblocks connects issuers, on‑ramps, and FX partners for global payouts.

Summary

Western Union announced that it will issue its first U.S.-dollar stablecoin, USDP, using Fireblocks’ digital‑asset infrastructure. The partnership marks the money‑transfer giant’s first foray into programmable money and positions it alongside fintechs that have already embraced tokenized payments.

Fireblocks will provide the end‑to‑end stack – wallet creation, custody, settlement and the cross‑border connectivity needed to move USDP from the United States to regions where Western Union operates, including Latin America, Africa and APAC. Shaulov noted that stablecoins now represent 65% of Fireblocks’ transaction volume, up from 40% two years ago, underscoring the shift from speculative crypto to fiat‑backed tokens for everyday transfers.

The CEO highlighted the network advantage: Fireblocks links issuers, on‑ramps, off‑ramps and local FX partners, enabling a recipient in Bolivia or the Philippines to receive USDP and instantly convert it to local currency. He also cited growing interest from tier‑one banks – more than 30 RFPs are in flight – and mentions that exchanges such as the NYSE are already allowing settlement with stablecoins.

If successful, the rollout could accelerate the migration of remittance flows from legacy SWIFT rails to blockchain‑based channels, lower costs, and spur broader institutional adoption of tokenized assets. Competitors like MoneyGram and Visa will likely accelerate their own stablecoin initiatives to protect market share.

Original Description

Fireblocks CEO Michael Shaulov joins Ashley Mastronardi on NYSE Live to discuss news stablecoins