Devin Mcgranahan on remittance fees
From Western Union CEO: We are a SPECIALIST in moving money for people across borders · · Fox Business
“Today on average around the world transferring money costs somewhere between 2 and 3% of the amount being sent; with our stablecoin we think this will be between 0 and 2%, though it depends heavily on the country and the amount.”
On , Devin Mcgranahan, President, Chief Executive Officer & Director at WESTERN UNION CO, spoke about remittance fees during Western Union CEO: We are a SPECIALIST in moving money for people across borders on Fox Business.
About Devin Mcgranahan
Devin McGranahan, President and CEO of Western Union, discussed the company's launch of a new stablecoin, USDPT (US Dollar Payment Token), built on the Solana blockchain, at the Blockworks Digital Asset Summit in New York City in March 2026. He described Western Union as "a specialist in moving money for people across borders" and said the stablecoin would allow the company to do so "faster, cheaper" and enable customers to hold a dollar-denominated asset. McGranahan stated that while traditional money transfers cost between 2% and 3% of the amount sent, the stablecoin would reduce costs to between 0% and 2%, depending on the country and amount. He also noted that the stablecoin would allow Western Union to "open essentially US bank accounts for all 100 million customers," which he said was not possible before. McGranahan addressed the company's financial strategy, saying, "If I can free up a couple billion dollars of capital, I can buy back half the company." He emphasized that Western Union's customers are "at the lower end of the socio and economic strata" and that the company views itself as "an enabler of access to financial institutions." He acknowledged that the digital asset system currently faces challenges with local market liquidity at scale, but expressed confidence that solving that friction would make stablecoins a more attractive option for cross-border transfers.