Western Union Launches Stablecoin Visa Card in 37 Markets

Western Union is putting its U.S. dollar-pegged stablecoin in consumers’ digital wallets and pairing it with a new Visa card they can use around the world.

Western Union and Rain teamed up to create Stablecard by Western Union, which is initially launching in 37 markets, including places where stablecoin demand is already high amid local currency volatility.

Western Union plans to expand access to its new digital wallet and USDPT-backed Visa secured credit card with the goal of reaching more than 60 markets by the end of this year.

Traditionally, many recipients needed to visit a physical Western Union location, but now cardholders will be able to receive Western Union money transfers directly into their USDPT wallets and use the linked Visa card to spend the funds anywhere Visa is accepted.

USDPT was created on the Solana blockchain and is issued by Anchorage Digital Bank. Western Union says the stablecoin is pegged 1:1 to the U.S. dollar and fully backed by reserves.

That does not make USDPT the same as money held in a bank account, as USDPT holdings are not FDIC-insured or guaranteed by the U.S. government.

Customers who sign up for the Stablecard will want to quickly get acquainted with the associated mobile app, which plays a key role in using the product.

The mobile app lets customers request and manage their Stablecards, hold and transfer USDPT, and send and receive funds through digital wallets and exchanges compatible with the product.

“We’re giving consumers a new way to hold value, move money, and spend confidently across borders.” — Devin McGranahan, President and CEO of Western Union

Users can spend with the linked Visa card online or at brick-and-mortar merchants that accept Visa. Cardholders can also add the card to Apple Pay and Google Pay for added convenience.

But we don’t have all the details on Stablecard just yet, as Western Union’s launch announcement did not disclose the card’s credit line, collateral requirements, interest rates, fees, or credit-reporting practices. So as always, it’s important to read the fine print.

Devin McGranahan, President and CEO of Western Union, said Stablecard is the company’s next step toward making global financial services more accessible.

“By combining the stability of a dollar-backed digital asset with the scale of Western Union’s global network and Visa’s acceptance footprint, we’re giving consumers a new way to hold value, move money, and spend confidently across borders,” McGranahan said.

Farooq Malik, CEO and Co-founder of Rain, said Stablecard is bringing stablecoin technology to people who may be unfamiliar with on-chain money.

“Western Union is putting stablecoin efficiency in the hands of people who have never thought about on-chain money and never need to. With Rain’s enterprise infrastructure underneath both the wallet and card, users enjoy a modern experience that just works with all of the compliance and protections built in,” Malik said.