Stablecoin transaction volume is soaring; meanwhile, tradfi companies are leaning in hard, and Japan’s first yen-denominated token has roared.
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We explore how the U.S. and the U.K. approach digital assets—the impact of enforcement-first vs innovation-first mindsets.
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Chinese tech giants rushed to secure stablecoin licenses in Hong Kong after it adopted new laws, but Beijing has now stepped in, suspending these plans.
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Global payments leader Western Union is preparing to launch a pilot project that will test a stablecoin-based settlement system aimed at transforming the speed, transparency, and cost efficiency of cross-border remittances.
The initiative marks one of the company’s boldest moves yet into blockchain technology and comes at a time when traditional financial institutions are increasingly exploring digital asset solutions.
During the company’s third-quarter earnings call, CEO Devin McGranahan revealed that Western Union is “actively testing stablecoin-enabled solutions” designed to reduce the firm’s dependence on traditional correspondent banking systems.
The pilot will focus on using on-chain settlement rails to move funds more efficiently across the globe while maintaining compliance and customer trust.
McGranahan emphasised that on-chain settlements could allow Western Union to move money faster, cut operational costs, and increase transparency across its vast international network.
With more than 150 million customers in over 200 countries, the company processes roughly 70 million money transfers each quarter.
The shift to blockchain-powered settlements could mark a major leap in how it manages global liquidity and treasury operations.
Stablecoins — digital assets pegged to stable currencies like the US dollar — are increasingly viewed as a key tool for improving international payment systems.
They offer near-instant transfers and lower transaction fees, making them particularly appealing for firms that operate in regions with high remittance flows or limited banking access.
Western Union’s decision to move forward follows the passage of the GENIUS Act, a landmark US law signed in July that provides a regulatory framework for stablecoin issuers.
The law has given traditional financial institutions greater confidence to explore digital assets, reducing uncertainty around compliance and consumer protection.
McGranahan noted that the GENIUS Act has opened new doors for the company to experiment with digital assets safely and responsibly.
McGranahan said, “Historically, Western Union has taken a cautious stance toward crypto. However, with clearer rules now in place, we are seeing real opportunities to integrate digital assets into our business.”
The law’s passage has also accelerated stablecoin adoption among Western Union’s competitors and partners.
Mastercard, MoneyGram, and PayPal have each launched or announced their own stablecoin initiatives in recent months, signalling growing institutional momentum behind blockchain-based payments.
Beyond its treasury operations, Western Union is exploring partnerships that would position its global network as an on-ramp and off-ramp for digital assets.
McGranahan said the company is in discussions with potential partners interested in using its infrastructure to connect the traditional banking world with the digital asset ecosystem.
Such integration could allow customers to move seamlessly between fiat currencies and stablecoins — especially in regions with underdeveloped banking systems.
Western Union also plans to expand partnerships that enable customers to hold, send, and receive stablecoins, offering them more flexibility in managing funds and preserving value in inflation-prone economies.
The US Treasury Department estimates that the stablecoin market has already surpassed $300 billion and could reach $2 trillion by 2028.
Notably, Western Union’s initiative places it among a growing group of financial institutions seeking to capture a share of that rapidly expanding market.
While this pilot represents a major step forward, it is not Western Union’s first foray into blockchain.
The company previously tested Ripple’s XRP network for cross-border payments in 2015 and again in 2021.
It also filed multiple trademarks in 2022 for crypto-related services, signalling long-term interest in the digital asset space.
McGranahan has repeatedly stressed that the company’s goal is not just to follow industry trends but to modernise how money moves globally.
By leveraging stablecoins, Western Union aims to make international remittances faster, cheaper, and more inclusive — without compromising on trust or compliance.
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JPYC Inc., a Tokyo-based fintech company, has officially launched Japan’s first yen-backed stablecoin, signalling a major shift in the nation’s approach to regulated digital assets.
The stablecoin, named JPYC, went live on October 27, 2025, following approval from Japan’s Financial Services Agency (FSA).
The stablecoin is fully backed by domestic bank deposits and Japanese government bonds, ensuring one-to-one convertibility with the yen.
The launch of JPYC marks a historic moment for Japan, making it the first country to circulate a stablecoin fully pegged to its national currency with full regulatory backing.
Alongside the stablecoin, JPYC introduced JPYC EX, a platform that enables users to issue and redeem the token.
The system follows strict identity verification and anti-money-laundering standards under Japan’s Act on Prevention of Transfer of Criminal Proceeds.
JPYC’s President, Noriyoshi Okabe, described the launch as a “major milestone in the history of Japanese currency.”
He said the initiative has already attracted interest from seven companies preparing to incorporate the coin into their services.
The company aims to issue up to 10 trillion yen worth of JPYC within three years while promoting it for both domestic and international use.
To encourage adoption, JPYC will not charge transaction fees initially. Instead, it will earn revenue from interest accrued on Japanese government bond (JGB) holdings.
Okabe explained that the goal is to reduce settlement costs and support innovation by offering businesses a low-fee digital transaction system.
According to a credible source, Japan’s three largest banks — Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corporation, and Mizuho Bank — are also preparing to launch their own yen-backed stablecoins on October 31.
Their joint initiative will use MUFG’s Progmat platform to facilitate corporate settlements, connecting hundreds of thousands of payment terminals across Japan.
Experts say these institutional moves could accelerate stablecoin adoption.
Tomoyuki Shimoda, a former Bank of Japan executive and current academic at Rikkyo University, believes that while yen-based stablecoins may take two to three years to achieve widespread use, megabank participation could quicken the pace.
But despite optimism, regulators and policymakers are treading carefully.
The Bank of Japan’s Deputy Governor, Ryozo Himino, has acknowledged that stablecoins could become “a key player in the global payment system,” potentially altering the role of traditional bank deposits.
However, officials remain cautious about the risks of funds flowing outside regulated financial systems.
The global stablecoin market, valued at over $286 billion, is currently dominated by dollar-pegged assets like Tether’s USDT and Circle’s USDC, which make up around 99% of total supply.
The introduction of a fully yen-backed digital currency represents Japan’s first significant step toward diversifying that landscape.
JPYC’s launch also reflects Japan’s broader ambitions to modernise its financial infrastructure.
By leveraging blockchain technology and government-backed reserves, the firm hopes to build trust in digital payments and enhance cross-border interoperability.
As other Asian economies such as South Korea and China explore similar initiatives, Japan’s early move could position it as a regional leader in stablecoin innovation.
JPYC’s no-fee model, backed by government bonds and regulatory approval, sets a unique precedent for how digital currencies can coexist with traditional financial systems.
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Zelle, the payments processor that is widely used by millions of Americans for instant peer-to-peer (P2P) transfers, will now use stablecoins to power international transactions.
Notably, the move, announced by Zelle’s parent company Early Warning Services, underscores how digital tokens backed by fiat currencies are rapidly reshaping global finance.
For years, Zelle has been a staple of domestic banking apps, allowing users to send and receive money in seconds.
Now, Early Warning Services says it will expand that speed and reliability to cross-border transfers using stablecoins.
The initiative aims to make international payments as seamless as Zelle’s domestic ones — faster, cheaper, and more dependable than traditional methods.
“Zelle transformed how Americans send money at home,” said Early Warning CEO Cameron Fowler.
“Now, we’re beginning the work to bring that same level of speed and reliability to Zelle consumers sending money to and from the United States.”
Fowler added that the company is investing where “consumer need, bank capability, and global opportunity intersect.”
Early Warning Services, jointly owned by Bank of America, JPMorgan Chase, Wells Fargo, Capital One, PNC, Truist, and US Bank, said the initiative will be available to all financial institutions in the Zelle Network.
The company, which partners with more than 2,500 banks and credit unions, described the new program as a foundation for “faster and more reliable cross-border money movement.”
Zelle’s international expansion comes amid a friendlier regulatory climate for digital assets in the United States.
The US GENIUS Act, signed into law earlier this year, created a federal framework for issuing and overseeing stablecoins.
Early Warning CEO said that with clearer rules, Zelle can innovate “more quickly” and focus on safely scaling its network across borders.
Under the Trump administration, regulators have taken a more accommodating stance toward blockchain-based assets.
That clarity has encouraged not only Zelle’s parent company but also major corporations like Amazon, Meta, and PayPal to explore their own stablecoin projects.
And the timing is right. According to market data from Myriad, the total capitalisation of stablecoins stands at $312 billion and is projected to exceed $360 billion by January 2026.
Standard Chartered recently estimated that stablecoins could shift as much as $1 trillion in deposits away from banks in emerging markets within three years.
In addition, Zelle’s decision also reflects intensifying competition in global payments.
Fintech players such as PayPal, Revolut, and MoneyGram have already built cross-border offerings that appeal to younger, digital-first users.
Traditional remittance providers like Western Union face growing pressure as new technology makes international transfers faster and less expensive.
Despite entering the peer-to-peer space later than Venmo or Cash App, Zelle quickly became a dominant force in domestic payments.
It now processes roughly twice as many daily transactions as Venmo and five times as many as Block’s Cash App.
That scale gives Early Warning Services confidence that its stablecoin-powered model can compete globally, backed by the trust and regulatory credibility of the US banking system.
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Estonia's digital pioneer Siim Sikkut reveals how governments can embrace tech, earn citizen trust, and make life easier through smart digitization.
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Dr. Bernhard Kronfellner of BCG explores how stablecoins can scale to meet real-world demands at the London Blockchain Conference.
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At London Blockchain Conference 2025, BBC's Mark Lobel chats with FCA's Jane Moore on regulation, innovation, and building safer digital asset products.
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