Western Union revenue falls 2% in Q3 as it pushes USDPT stablecoin card

Western Union reported third-quarter revenue of about $1 billion, down 2% year on year. The company announced the results in a press release, and CEO Devin McGranahan discussed them on an investor call on November 4. The main driver of the decline was slower retail business in North America. At the same time, the company is cutting costs and building out its stablecoin business, which McGranahan said will help customers in countries with unstable currencies.

Revenue and cost trends

In the second quarter, McGranahan had already linked weakness in the U.S. retail business to changes in migration policy and said the company would accelerate operating cost reductions. In the third quarter, according to the company's presentation, Western Union cut more than 650 jobs, deployed AI in several functions, and moved its regional operations hub and about 800 roles out of Costa Rica to other countries.

McGranahan acknowledged that the existing business model came under pressure faster than the company could restructure its cost base. In his view, after the latest quarter, costs are once again aligned with the pace of change in the business.

USDPT and Stablecard

Western Union launched USDPT, a U.S. dollar stablecoin, in May. In June, crypto exchange Bybit integrated it, creating on- and off-ramps in selected Latin American countries. In August, Western Union issued Stablecard: recipients hold USDPT in a digital wallet and can pay with a Visa credit card backed by USDPT wherever Visa is accepted.

McGranahan stressed that the product targets markets with currency volatility and limited access to dollar assets. He said the goal is not to turn customers into crypto experts but to offer a simple, compliant way to store and use value.

The Intermex deal

Western Union announced its acquisition of International Money Express (Intermex) in August 2025 for $500 million. The deal aims to strengthen the company's U.S. retail business and attract digital customers faster. In August 2026, the company said it had received approval from the New York state regulator, but the review in California is still ongoing.

On the call, McGranahan said the company recently received feedback from the California regulator and is now working to determine an acceptable path forward. He also named November 10, 2026 as the outside date set in the merger agreement, after which either party may terminate the deal.