Western Union Unveils Stablecard for Cross-Border Transactions

Western Union and payments-technology developer Rain have launched Stablecard, a digital wallet and credit card that enables money transfers using stablecoins. The product works with the USDPT (U.S. Dollar Payment Token), a stablecoin pegged to the U.S. dollar and issued by Anchorage Digital Bank.

Stablecard is going live in 37 markets, with plans to expand to 60 by year's end. In some of these markets, the product will be particularly useful due to local currencies lacking stable value.

The digital wallet can receive money transfers and allows users to add USDPT to other wallets, such as Apple Pay and Google Pay.

Western Union emphasizes the utility of combining a dollar-backed digital asset with its global network and Visa's acceptance footprint. Devin McGranahan, Western Union's president and chief executive, notes that this combination gives consumers 'a new way to hold value, move money, and spend confidently across borders.'