Western Union has partnered with Rain to launch Stablecard, a digital wallet and Visa-branded card allowing users to hold and spend USDPT, a US dollar-backed stablecoin issued by Anchorage Digital Bank on the Solana blockchain. The product targets remittance recipients and consumers in countries with volatile currencies, aiming to expand to over 60 markets by year-end.
The initiative follows the unveiling of USDPT in May and Bybit’s addition of support for USDPT trading and transfers in June. Western Union said the service would initially operate in 37 markets, with plans to extend coverage further by the end of the year. The stablecoin is designed to offer an alternative to traditional remittance channels, which often incur high fees and lengthy processing times.
A separate study by the Bank of Italy reportedly found that stablecoin-based remittances did not consistently outperform traditional methods, though the findings remain unconfirmed. The move follows MoneyGram’s launch of MGUSD, a stablecoin on the Stellar network, highlighting growing competition in the digital remittance sector.
Stablecard’s integration with Visa’s payment infrastructure aims to facilitate seamless spending of USDPT in physical and online environments. Western Union has not specified the exact date of the product’s launch, but the initiative marks its latest foray into blockchain-based financial services.
Written by Jessica Primrose
Stablecoins Desk
