Western Union Launches Stablecard with Rain for Global Dollar Spending | LeapRate
On Tuesday, Western Union launched Stablecard, a digital wallet and stablecoin-backed Visa secured credit card developed with Rain that allows consumers to hold, move and spend US dollar value around the world.
The card is said to let users store value in USDPT, a US dollar stablecoin, in a secure digital wallet and spend it anywhere Visa is accepted. USDPT is issued by Anchorage Digital Bank on the Solana blockchain, is redeemable one-to-one for US dollars and is fully backed by reserves.
Western Union noted that Stablecard is aimed at both remittance receivers in markets where local currencies fluctuate and everyday spenders. The firm explained that the mobile app combines the USDPT wallet and Visa card in a single experience, allowing customers to receive Western Union transfers directly into their wallet, hold value, send and receive funds to and from compatible digital asset wallets and exchanges, and add the card to services such as Apple Pay and Google Pay.
The product goes live in 37 markets, with Western Union targeting more than 60 by the end of the year.
“Stablecard represents the next step in making global financial services more accessible to our customers,” said Devin McGranahan, President and Chief Executive of Western Union. “We’re giving consumers a new way to hold value, move money and spend confidently across borders.”
Rain Chief Executive and co-founder Farooq Malik said the product puts “stablecoin efficiency in the hands of people who have never thought about onchain money and never need to,” with compliance and protections built in.
