Western Union and stablecoin card issuer Rain launched Stablecard on Aug. 4. The product includes a digital wallet and a Visa card, enabling users to receive money transfers as USDPT and spend the balance at any Visa merchant or ATM. Stablecard is live in 37 markets, with plans to expand.
The launch marks Western Union's move from settlement infrastructure into a direct consumer-facing product. Western Union processed $107.4 billion in cross-border principal across 285.9 million consumer money transfer transactions in 2025.
Stablecard targets consumers in markets where local currency instability is high and stablecoin demand exists. Recipients get a dollar-denominated balance they can spend without converting to local currency. Western Union aims to make the service available in more than 60 markets by year-end.
The underlying asset is USDPT, a stablecoin issued by Anchorage Digital Bank. USDPT runs on Solana and is redeemable 1:1 for U.S. dollars. The token went live on May 4.
USDPT currently has 7.4 million tokens in circulation held across 162 addresses, according to Solana on-chain data. That represents 0.05 percent of the $15.8 billion in stablecoins on Solana and a small fraction of the broader $300 billion stablecoin market.
Bybit integrated USDPT for Latin American users one month after its launch. Stablecard is USDPT's first distribution channel aimed at users outside existing crypto markets, broadening the stablecoin's reach beyond Bybit's base.
Rain provides both the digital wallet and card-issuing infrastructure for Stablecard. The company is a principal member of Visa and Mastercard, issues cards accepted at over 175 million merchant locations in more than 200 countries and territories and partners with over 100 organizations.
Devin McGranahan, Western Union's president and chief executive, said combining a dollar-backed digital asset with Western Union's global network and Visa's acceptance gives consumers a new way to hold value, move money and spend across borders.
Farooq Malik, Rain's chief executive and co-founder, said Western Union is putting stablecoin efficiency into the hands of people who have never considered on-chain money.
Western Union describes Stablecard as a "USDPT-backed Visa secured credit card." The companies did not detail specific mechanics, credit limits, interest terms or fees. Neither company specified whether the USDPT balance is directly drawn down at the point of sale.
Western Union Chief Financial Officer Matt Cagwin first mentioned a "stable card" in December 2025 at the UBS Global Technology and AI Conference, framing it as an addition to Western Union's existing prepaid card and targeting remittance receivers in high-inflation economies such as Argentina. The Aug. 4 release expands the target to include everyday spenders.
Rain's projection of $100 billion in annual on-chain volume runs well ahead of the product's current reach. Stablecard is available in 37 of the more than 200 countries and territories Western Union serves. Western Union has not disclosed how much of its principal volume it expects to route through USDPT.
