Western Union is investing in growth through digital capabilities, artificial intelligence and stablecoins even as it continues to streamline its cost structure, President and CEO Devin McGranahan said Wednesday (Nov. 4) during the company’s third quarter earnings call.

    Western Union’s revenue declined 2% year over year to $1 billion in the third quarter due to a slowdown in its North America retail business, according to a Wednesday press release.

    This continued a trend Western Union reported in the second quarter, when McGranahan said the company’s Americas retail business was down due to changes in immigration policy.

    McGranahan said at the time that in response to this and other challenges, Western Union was accelerating reductions in its operating expenses.

    Since that time, during the third quarter, Western Union announced actions to reduce its headcount by more than 650 employees, deployed AI across several functions, and repositioned a regional operating center and about 800 roles from Costa Rica to other countries, according to a financial results presentation released Wednesday.

    “We experienced challenges earlier this year as the disruption to our legacy business model outpaced our ability to transform our cost structure,” McGranhan said during the call. “Following this past quarter, I believe we are moving our cost structure back into alignment with the pace of change in our business.”

    Turning to Western Union’s growth initiatives, McGranahan highlighted the company’s U.S. dollar-denominated payment stablecoin, USDPT, which was launched in May. Crypto exchange Bybit integrated USDPT in June, creating an on- and off-ramp in select Latin American markets. In August, Western Union launched Stablecard, which allows users to receive funds and store value in USDPT in a digital wallet and use a USDPT-backed Visa secured credit card to spend anywhere Visa is accepted.

    “This product is particularly relevant in markets where consumers face currency volatility or limited access to dollar-denominated value,” McGranahan said during the call. “The goal is not to ask customers to become crypto experts. It is to give them a simple, compliant experience that lets them preserve value and use it immediately for purchases or cash access.”

    McGranahan also provided an update on Western Union’s pending acquisition of International Money Express (Intermex). Western Union announced in August 2025 that it planned to acquire Intermex for $500 million to bolster its retail business in the U.S. and speed digital customer acquisition. A year later, in August, Western Union said it had received regulatory approval from New York but faced further review in California.

    During Wednesday’s call, McGranahan said Western Union recently received feedback from a California regulator and is “actively working to determine an acceptable path forward.”

    “November 10, 2026, is the outside date included in the merger agreement, at which point either party has a right to terminate the agreement,” McGranahan said.

    Recommended

    Western Union Fights Revenue Slump With Stablecoin Card

    Chime Courts $75K-Plus Earners as Instant Loans Grow 30%

    Expedia Says Travelers Plan With AI Agents but Book Direct

    Tencent Targets Financial Analysis With Hy4 AI Model