The post Western Union Says Stablecoins Are faster and cheaper appeared on BitcoinEthereumNews.com. Financial services company Western Union is set to pilot a stablecoin-based settlement system to modernize its remittance operations for its more than 150 million customers. During Western Union’s third-quarter earnings call on Thursday, CEO Devin McGranahan said the pilot is “focused on leveraging onchain settlement rails to reduce dependency on legacy correspondent banking systems, shorten settlement windows, and improve capital efficiency.” “We see significant opportunities for us to be able to move money faster with greater transparency and at lower cost without compromising compliance or customer trust.” Western Union processes around 70 million transfers each quarter. Blockchain technology could offer significant advantages over traditional remittance rails and could benefit its customers located in more than 200 countries. The remittance platform’s latest remarks on crypto come a little over three months after it first hinted at plans to integrate stablecoins for cross-border transfers. McGranahan said Western Union initially refrained from crypto due to concerns around volatility, regulatory uncertainty and customer protection — however, passage of the GENIUS Act has changed that course. The announcement also reflects the broader institutional adoption of stablecoins. This market recently surpassed $300 billion and is estimated to reach $2 trillion by 2028, according to the US Treasury Department’s April announcement. Stablecoins could help those in high-inflation countries Western Union said the stablecoin offering would give its customers more choice and control in how they manage and move their money — particularly those in inflation-torn countries. “In many parts of the world, being able to hold a US dollar-denominated asset has real value as inflation and currency devaluation can rapidly erode an individual’s purchasing power. These innovations align closely with our broader strategy to modernize the movement of money.” Western Union competitors have been making similar moves Early Warning Services, the parent company of payments platform Zelle,… The post Western Union Says Stablecoins Are faster and cheaper appeared on BitcoinEthereumNews.com. Financial services company Western Union is set to pilot a stablecoin-based settlement system to modernize its remittance operations for its more than 150 million customers. During Western Union’s third-quarter earnings call on Thursday, CEO Devin McGranahan said the pilot is “focused on leveraging onchain settlement rails to reduce dependency on legacy correspondent banking systems, shorten settlement windows, and improve capital efficiency.” “We see significant opportunities for us to be able to move money faster with greater transparency and at lower cost without compromising compliance or customer trust.” Western Union processes around 70 million transfers each quarter. Blockchain technology could offer significant advantages over traditional remittance rails and could benefit its customers located in more than 200 countries. The remittance platform’s latest remarks on crypto come a little over three months after it first hinted at plans to integrate stablecoins for cross-border transfers. McGranahan said Western Union initially refrained from crypto due to concerns around volatility, regulatory uncertainty and customer protection — however, passage of the GENIUS Act has changed that course. The announcement also reflects the broader institutional adoption of stablecoins. This market recently surpassed $300 billion and is estimated to reach $2 trillion by 2028, according to the US Treasury Department’s April announcement. Stablecoins could help those in high-inflation countries Western Union said the stablecoin offering would give its customers more choice and control in how they manage and move their money — particularly those in inflation-torn countries. “In many parts of the world, being able to hold a US dollar-denominated asset has real value as inflation and currency devaluation can rapidly erode an individual’s purchasing power. These innovations align closely with our broader strategy to modernize the movement of money.” Western Union competitors have been making similar moves Early Warning Services, the parent company of payments platform Zelle,…

        Highlights:  The BNB price is down 2% to $1111.46, despite the trading volume spiking 26%. The BNB on-chain demand has slipped, with the open interest plummeting 3% showing a drop in demand.  The technical outlook shows a tight tug-of-war, with the bulls attempting to overcome resistance zones.   The BNB price is down 2% today, to trade at $1111.46. Despite the plunge, the daily trading volume has soared 26% showing increased market activity among traders. However, BNB Chain has seen declining network activity, with the open interest plummeting, signaling a drop in demand.  On Chain Demand on BNB Cools Off The BNB Chain is in a state of cooldown of network activity, which indicates low on-chain demand. In most instances, when a network fails to ensure large volumes or revenues, it means that there is low demand or outflows to other networks.  BNB DeFi Data: DeFiLlama According to DeFiLlama data, the volume of the Decentralized Exchanges (DEXs) is down to at least $2.12 billion in comparison to the high of $6.313 billion on October 8, which also means low on-chain liquidity.  On the other hand, Coinglass data shows that the volume of BNB has grown by 3.97% to reach $4.95 billion. However, the open interest in BNB futures has dropped by 3.36% to reach $1.74 billion. This reduction in open interest is an indication of a conservative stance by investors since the number of new positions being opened is low. This could be an indication that investors are not so sure about the short-term price outlook. BNB Derivatives Data: CoinGlass Meanwhile, the long-to-short ratio is sitting at 0.9091. This shows that the traders are undecided on BNB price’s next move, as it sits below 1.  BNB Price Moves Into Consolidation The chart displays the BNB/USD price action on a 4-hour timeframe, with the token currently hovering around $1111.46. The 50-day Simple Moving Average (SMA) is at $1113, while the 200-day SMA sits at $1129, cushioning the bulls against upside movement. The price has mostly been trending below both SMAs, indicating that the bears are having the upper hand.  The BNB trading volume is up, soaring 26%, signaling the momentum is real. On the 4-hour chart, BNB is trading within a consolidation channel. In such a case, this pattern may act as an accumulation period, giving the bulls hind wings to break above resistance zones.  BNB/USD 4-hour chart: TradingView Zooming in, the Relative Strength Index (RSI) sits at 44.15, below the 50 level. This shows weakening momentum in the BNB market, and might lead to the RSI plunging to the oversold region if the bulls don’t regain control. In the short term, the BNB price could move up to $1113 resistance and flip it into support. A close above this zone will see the bulls target $1126 resistance, giving the bulls strength to reclaim the $1230 mark.  Conversely, if the resistance zones prove too strong, a dip towards $1012 could be plausible. In such a case, this could be a prime buy zone for the risk-takers. In the long term, if the token keeps the hype alive, the bulls may reclaim the $1375 high or higher.    eToro Platform    Best Crypto Exchange   Over 90 top cryptos to trade Regulated by top-tier entities User-friendly trading app 30+ million users    9.9   Visit eToro eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong.