Western Union has launched Stablecard in partnership with stablecoin payments platform Rain.
The launch follows Western Union’s earlier introduction of USDPT, a US dollar-denominated payment stablecoin
The new product, Stablecard by Western Union, combines a digital wallet with a USDPT-backed Visa secured credit card. In a statement, Western Union said the product offers a “consumer-friendly way” for users to receive and hold USDPT, and spend funds wherever Visa is accepted. The card can also be added to digital wallets including Apple Pay and Google Pay.
USDPT is issued by Anchorage Digital Bank on the Solana blockchain. It is redeemable 1:1 for US dollars and is “fully backed by reserves”, the statement added. Stablecard is launching in 37 markets initially.