Stablecoins will shake up the $900 billion remittance market—setting up a fight between crypto firms and legacy brands like Western Union

Every year, workers around the globe send approximately $900 billion to their families back home and, when it comes to helping them send that money, the market is suddenly up for grabs. The reason is the recent momentum behind stablecoins, which offer an easy way to move money across borders—and for a far cheaper price than legacy transfer systems, whose fees can reach as high as 6%.

Stablecoins, which are backed by reserves designed to peg their value to a fiat currency like the dollar...