{"id":460179,"date":"2025-01-07T12:26:58","date_gmt":"2025-01-07T12:26:58","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=460179"},"modified":"2025-01-07T12:26:58","modified_gmt":"2025-01-07T12:26:58","slug":"western-union-and-moneygram-app-usage-drops-as-stablecoin-adoption-surges","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/western-union-and-moneygram-app-usage-drops-as-stablecoin-adoption-surges\/","title":{"rendered":"Western Union and MoneyGram app usage drops as stablecoin adoption surges"},"content":{"rendered":"<p>Traditional remittance giants like <a href=\"https:\/\/cryptoslate.com\/western-union-leaving-afghanistan-is-why-the-world-needs-bitcoin\/\">Western Union<\/a> and MoneyGram are struggling to keep pace in an evolving financial ecosystem increasingly shaped by stablecoins.<\/p>\n<p>According to <a href=\"https:\/\/x.com\/matthew_sigel\/status\/1876340168422232323\">Matthew Sigel<\/a>, Head of Digital Assets Research at VanEck, downloads of remittance giants apps have dropped significantly, with Western Union seeing a 22% decline and MoneyGram experiencing a 27% reduction.<\/p>\n<figure id=\"attachment_460192\" aria-describedby=\"caption-attachment-460192\" style=\"width: 992px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-460192\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/01\/GgoZSigWYAAslbh.png\" alt=\"Western Union\" width=\"992\" height=\"428\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/01\/GgoZSigWYAAslbh.png 992w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/01\/GgoZSigWYAAslbh-300x129.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/01\/GgoZSigWYAAslbh-768x331.png 768w\" sizes=\"(max-width: 992px) 100vw, 992px\" \/><figcaption id=\"caption-attachment-460192\" class=\"wp-caption-text\">Traditional Remittance App Decline (Source: X\/ Mathew Sigel)<\/figcaption><\/figure>\n<p>Meanwhile, this drop isn't limited to app downloads. The number of monthly active users (MAU) engaging these platforms has remained under 3 million since 2021. From January to November 2024, these platforms have faced steady declines in user activity, signaling a shift in consumer behavior.<\/p>\n<h2>The rise of stablecoins<\/h2>\n<p>Sigel suggested that stablecoins are emerging as a powerful alternative to traditional remittance methods by offering faster, cheaper, and more accessible cross-border transactions.<\/p>\n<p>Blockchain analysis firm <a href=\"https:\/\/cryptoslate.com\/companies\/chainalysis\/\">Chainalysis<\/a> <a href=\"https:\/\/www.chainalysis.com\/blog\/stablecoins-most-popular-asset\/\">reported<\/a> that these digital assets, which are pegged to stable values like the US dollar, have become <a href=\"https:\/\/cryptoslate.com\/stablecoins-defi-boost-nigeria-to-second-in-global-crypto-adoption-rankings-chainalysis\/\">indispensable in regions facing currency instability<\/a> or limited access to reliable banking systems.<\/p>\n<p>The global adoption of stablecoins continues to grow as they fill gaps left by traditional financial services. Individuals and businesses use stablecoins for international payments, protect wealth from currency fluctuations, and manage liquidity efficiently.<\/p>\n<p>Unlike traditional banking, stablecoins enable instant transfers, sidestepping the delays and high fees associated with the older system.<\/p>\n<p>In 2024, the stablecoin market hit a milestone, <a href=\"https:\/\/cryptoslate.com\/stablecoin-market-cap-hits-new-ath-after-more-than-2-years\/\">surpassing $200 billion<\/a> in capitalization. The sector also saw the rise of innovative digital currencies like <a href=\"https:\/\/cryptoslate.com\/ethena-reveals-roadmap-for-2025-eyes-telegram-payment-app\/\">Ethena's synthetic USDe stablecoin<\/a>, which now competes with major players such as <a href=\"https:\/\/cryptoslate.com\/coins\/tether\/\">Tether (USDT)<\/a> and <a href=\"https:\/\/cryptoslate.com\/coins\/usd-coin\/\">Circle (USDC)<\/a>.<\/p>\n<p>Moreover, the profitability of the stablecoin industry is equally notable, with issuers like <a href=\"https:\/\/cryptoslate.com\/companies\/tether\/\">Tether<\/a> and <a href=\"https:\/\/cryptoslate.com\/companies\/circle\/\">Circle<\/a> collectively <a href=\"https:\/\/cryptoslate.com\/insights\/tether-and-circle-generate-664-million-in-december-revenue-commanding-stablecoin-market\/\">earning over $664 million<\/a> last December\u2014representing a significant portion of the revenue generated by crypto protocols.<\/p>\n<p>Furthermore, Chainalysis pointed out that stablecoins are responsible for over 75% of the trillions in crypto transactions recorded in recent months.<\/p>\n<figure id=\"attachment_460193\" aria-describedby=\"caption-attachment-460193\" style=\"width: 1008px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-460193\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/01\/Screenshot-2025-01-07-122826.jpg\" alt=\"Stablecoin On-chain Volume\" width=\"1008\" height=\"643\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/01\/Screenshot-2025-01-07-122826.jpg 1008w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/01\/Screenshot-2025-01-07-122826-300x191.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/01\/Screenshot-2025-01-07-122826-768x490.jpg 768w\" sizes=\"(max-width: 1008px) 100vw, 1008px\" \/><figcaption id=\"caption-attachment-460193\" class=\"wp-caption-text\">Stablecoin On-chain Volume (Source: Chainalysis)<\/figcaption><\/figure>\n<p>This remarkable growth has attracted attention from traditional financial institutions and blockchain companies, including <a href=\"https:\/\/cryptoslate.com\/companies\/ripple\/\">Ripple<\/a>, which are exploring ways to <a href=\"https:\/\/cryptoslate.com\/ripple-to-begin-global-rollout-of-rlusd-stablecoin-on-dec-17\/\">tap into this booming market.<\/a><\/p>\n<p>Considering this, Liz Bazurto, the ecosystem engagement manager for MetaMask, said the traditional remittance giants might embrace stablecoin payments for their operations. She <a href=\"https:\/\/x.com\/lizabazurto\/status\/1876367743366361397\">said<\/a>:<\/p>\n<blockquote><p>&#8220;I can see a path for Western Union and MoneyGram to enable Stables. MoneyGram has enabled Stellar (USDC) for on and offramps.&#8221;<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Traditional remittance giants like Western Union and MoneyGram are struggling to keep pace in an evolving financial ecosystem increasingly shaped by stablecoins. According to Matthew Sigel, Head of Digital Assets Research at VanEck, downloads of remittance giants apps have dropped significantly, with Western Union seeing a 22% decline and MoneyGram experiencing a 27% reduction. Meanwhile, [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":460191,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77968,60208,32631,37],"tags":[78915,75695,76896,76824,79957],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Western Union and MoneyGram app usage drops as stablecoin adoption surges<\/title>\n<meta name=\"description\" content=\"Legacy remittance app, Western Union and MoneyGram, face declining app usage as stablecoins streamline payment services.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/western-union-and-moneygram-app-usage-drops-as-stablecoin-adoption-surges\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Western Union and MoneyGram app usage drops as stablecoin adoption surges\" \/>\n<meta property=\"og:description\" content=\"Legacy remittance app, Western Union and MoneyGram, face declining app usage as stablecoins streamline payment services.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/western-union-and-moneygram-app-usage-drops-as-stablecoin-adoption-surges\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2025-01-07T12:26:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/01\/phone-app-decline.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/western-union-and-moneygram-app-usage-drops-as-stablecoin-adoption-surges\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/western-union-and-moneygram-app-usage-drops-as-stablecoin-adoption-surges\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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