Western Union Tries Stablecoin Rails with USDPT-Backed Visa Card Launch

Western Union has launched Stablecard, a digital wallet and Visa card that lets customers receive money transfers as a dollar stablecoin called USDPT.

The product is built with Rain's stablecoin platform and went live on August 4 across 37 markets, with the goal of expanding to over 60 by year-end.

USDPT has a circulating supply of about $6 million, which is a small fraction of Western Union's annual remittance flows of roughly $100 billion.

The Stablecard combines a USDPT wallet and a Visa card in one app, allowing customers to hold the dollar-pegged balance, move it to and from other wallets and exchanges, and spend it through the linked Visa card.