Key Takeaways
- Stablecoins have emerged as an increasingly popular remittance solution.
- Major providers like MoneyGram, as well as several fintech startups, now offer stablecoin remittances.
- Without its own stablecoin offering, Western Union risks being left behind.
In the early 2000s, global remittances were dominated by a small number of providers, including Western Union, MoneyGram, Intermex and Ria. But in recent years, digital-first alternatives like Wise and Remitly have disrupted the market.
Now, the global remittance market is transforming once again as a host of stablecoin-based services challenge both incumbents and the later generation of digital transfer rails.
Stablecoin Remittances Surge
For advocates of the technology, stablecoins, with their near-instant transactions and low transfer fees, offer a superior way of moving money across borders.
But until recently, stablecoin remittances required a relatively high degree of digital and financial literacy.
In the classic stablecoin remittance model, both sender and receiver need a crypto exchange account and a bank account to process fiat conversions at each end.
But there are a growing number of solutions that use stablecoins for international transfers while letting recipients collect cash or another form of payment.
For example, MoneyGram Wallet was launched in 2024, letting users send remittances in USDC, with cash pickup available from agents in 180 countries.
Survey data suggests that the growing number of offramp solutions have propelled stablecoins into the remittance mainstream.
In a February 2025 survey of U.S. adults who engaged in cross-border remittance activities, 26% said they had used stablecoins for international transfers within the last year.
New Kids on the Block
After Western Union, MoneyGram has the second-largest agent network of all remittance services. This gives it a crucial edge when a physical presence is needed to pay recipients.
But thanks to the rise of digital wallets and mobile money in the Global South, an extensive network of local representatives is no longer a precondition for success in the remittance market.
Emerging platforms like Sling Money and Stables use stablecoins to fund local currency wallets or bank accounts.
Just this week, Antier debuted a new stablecoin platform designed to help digital banks and fintechs build their own remittance solutions, paving the way for even greater adoption.
Western Union Slow To Adapt
While MoneyGram has embraced stablecoin remittances, other major providers risk being left behind by changing consumer preferences.
Western Union, a brand that is synonymous with international money transfers, has seen its revenues decline in recent quarters amid heightened competition.
While the company has moved to bolster its digital offering in recent years, it hasn’t been enough to offset dwindling demand for its traditional, cash-based service.
Even though Western Union has introduced some support for crypto wallets, this remains limited to select markets and falls short of the kind of multi-corridor stablecoin remittances offered by rivals.
James Morales is CCN’s blockchain and crypto policy reporter. He has been working in the news media since 2020, writing about topics such as payments, banking and financial technology. These days, he likes to explore the latest blockchain innovations and the evolving landscape of global crypto regulation.
With an educational background in social anthropology and media studies, James uses his platform as a journalist to explore how new technologies work, why they matter and how they might shape our future.
