Western Union, the world’s oldest name in money transfers, is now betting on stablecoins to keep its place in the changing financial world. Faced with rising competition and dropping revenues, the company is taking bold steps to blend old-school money transfers with modern digital coins.
But is it too late, or just the beginning of something bigger?
New Plans for a Faster, Cheaper Future
Western Union’s CEO, Devin McGranahan, made it clear this week that stablecoins are not a threat but an opportunity. In a recent interview, he explained how the company wants to let people buy and sell stablecoins through its own platform.
By doing this, they hope to cut costs, speed up transfers, and help people move money across borders without the usual banking delays.
They’re already testing new settlement systems in places like South America and Africa regions where people often need fast ways to turn digital dollars into local cash. For many, stablecoins could be a safe place to store money as local currencies lose value.
Stablecoins Shake Up Legacy Remittances
It’s no secret that traditional money movers like Western Union and MoneyGram have been feeling the heat. New players like Wise and Remitly brought cheaper, online-only options that ate into their market share.
Stablecoins, with their speed, low transaction costs, and liquidity, have increasingly disrupted the traditional remittance industry
Meanwhile, the company’s decision comes amid a 22% drop in Western Union app downloads and a 6% decline in Q1 2025 revenue to $984 million. Even MoneyGram saw this coming and launched its own MoneyGram Wallet last year, which lets people send USDC stablecoins and pick up cash in over 180 countries.
Regulation Clears the Path
Industry experts say legacy players must adapt to survive, and now is the perfect time as President Trump’s new GENIUS Act brings clear rules for stablecoins in the US.. With better regulations, big banks and legacy payment companies like Western Union finally feel ready to jump in.
With the stablecoins market cap hitting a record $262 billion, Western Union’s move may be its strongest step yet toward staying relevant in the rapidly evolving payments landscape.
