Western Union CEO: Western Union's Stablecoin Future
Episode publishedPodcast: EmpireEmpire
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How we doing folks? Alright. One person. How we doing folks? Good. Good. I'm excited about this. It's amazing to see just, yeah, the progression of DaaS. We've been hosting this conference since 2019. And, yeah, this is our biggest DaaS ever. So I know people are talking about some it's a bear market and prices are compressed, or depressed. But, it's very exciting to see just the yeah. The biggest turnout we've we've ever had in, you know, eight years of hosting this. And one of the reasons probably many folks turned out is we we're excited to have Devin who's the yeah. CEO of Western Union he
been the CEO for four years. We probably are doing a million things. Stablecoins is one of those million things. And it fits in a block of the strategy, which is we have an enormous number of assets. So we have a 100,000,000 customers, we're a licensed financial institution, either a bank, a money transfer company, an e money company in over 50 countries around the world. And we move hundreds of billions of dollars around the world. So that infrastructure, we have 4,000,000,000 endpoints in our payout to account network, we have 400,000 retail locations. That infrastructure which was built rea
Do you think it's more about the internal efficiency and kinda getting rid of that, you know, multibillion dollars of float? Or is it more about improving the customer experience or a little bit of both?
So the customer experience won't change.
What customer experience won't change.
Won't change. Yeah. We'll we'll talk about how the value proposition for some people might change, but the customer experience doesn't change. Today, you can send money to any one of a 191 countries pretty much in real time and you're still able to do There is a lot of efficiency, so if I can free up a couple billion dollars of capital, I can buy back half the company. Because we have cash sitting on the balance sheet to make all this thing work that all of a sudden I can get access to. But you then have to, I mean the work in this is getting all of our partners around the world to be able to
right. What what's the scale there? How many customers do you guys have?
A 100,000,000. A 100,000,000 customers? A 100,000,000 consumers. Yeah. Yeah. And so the value proposition changed though for some of them is, by the way the system is designed today, customers have to accept the local currency. Now, in some countries, they also are dual currency countries, so you can accept dollars, so like in Peru or different places, but lots of countries you can only accept local currency. So when you send a $100 from New York to Bolivia, you're paying out in boulevards. It's a country that's had some political instability, some inflation. The value proposition change will
And so you can now open essentially US bank accounts
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