Key Takeaways
- The world’s largest remittance companies are racing to offer stablecoin transfers.
- WorldRemit owner Zepz is the latest to launch its own crypto wallet.
- Western Union and Remitly are also exploring stablecoin wallet services.
With stablecoin remittances on the rise, the world’s largest money transfer operators are starting to embrace the latest trend in cross–border payments.
To offer stablecoin services to users, Zepz, the parent company of WorldRemit and Sendwave, is the latest remittance company to build its own crypto wallet.
Stablecoin Remittances on the Rise
While stablecoin adoption was initially fueled by crypto trading, cross-border payments present an important emerging use case, and remittance providers are critically aware of the trend.
Compared to traditional cross-border rails, stablecoin remittances can be significantly cheaper, especially in the most expensive corridors.
With the advantages of near-instant settlement and lower fees, stablecoin remittances have surged in popularity. Among U.S. remittance customers surveyed earlier this year, 26% reported using stablecoins for international transfers.
With dozens of fintech startups exploring this value proposition, incumbents like Western Union risk being outpriced. Facing the threat of new challengers, most have opted to embrace the stablecoin revolution.
Providers Race To Integrate Wallets
MoneyGram fired the starting gun on the stablecoin remittance race when it launched MoneyGram Wallet in 2024.
The platform lets users buy, hold, and send USDC on the Stellar Network. Meanwhile, MoneyGram’s network of global agents are plugged into local offramps, powering fiat payouts for recipients.
Following in MoneyGram’s footsteps, other providers are actively building out their own stablecoin infrastructure.
Speaking in July, Western Union CEO McGranahan hinted at the company’s ambitions, which may include a stablecoin wallet with on- and off-ramp integration. Summing up the firm’s stance, he said: “We see stablecoins as an opportunity, not as a threat.”
For its part, Remitly previously announced plans to launch a USDC wallet in September through a partnership with Bridge and Circle. However, the rollout appears to have stalled.
Building Stablecoin Services
With Western Union and Remitly dragging their feet, Zepz launched Sendwave Wallet on Oct. 24.
The wallet lets users send and receive USDC balances on Solana, while customers can withdraw funds in local currency through Zepz’s global payout network. In the future, the company plans to let users spend their funds directly through stablecoin debit cards or digital payment apps.
Direct integration with domestic payment channels could be a major driver of adoption for stablecoin remittances.
Features like mobile money payouts have become essential for remittance providers catering to local preferences. By plugging fiat off-ramps straight into recipients’ digital or mobile wallet of choice, stablecoins could streamline the entire process, reducing provider’s dependency on expensive agent networks and cash payouts.
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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.
