Western Union and Rain Launch Stablecoin Card in 37 Markets

Western Union and stablecoin card issuer Rain launched Stablecard on Aug. 4, a digital wallet and Visa card that lets people receive money transfers as USDPT and spend the balance at any Visa merchant or ATM.

Stablecard extends Western Union's onchain push from settlement infrastructure into a consumer-facing product. The company moved $107.4 billion in cross-border principal across 285.9 million consumer money transfer transactions in 2025, and Stablecard gives recipients of that money a dollar-denominated balance they can spend without converting to local currency.

Stablecard is live in 37 markets, which Western Union said include “the key markets where local currency is not stable and demand for stablecoins is already visible.” The company did not name them, and is targeting more than 60 markets by the end of the year. The app is available in the Apple App Store and Google Play, the card can be loaded into Apple Pay and Google Pay, and users can move USDPT to and from outside wallets and exchanges.

“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,” said Devin McGranahan, Western Union's president and chief executive, in the release.

Secured Credit Wrinkle

Western Union describes Stablecard as a “USDPT-backed Visa secured credit card.” Secured cards conventionally require the holder's deposit to collateralize the credit line, but Western Union did not detail the mechanics, credit limits, interest terms or fees, and neither company said whether the USDPT balance is drawn down directly at the point of sale.

Western Union first flagged the product in December 2025, when Chief Financial Officer Matt Cagwin described a “stable card” at the UBS Global Technology and AI Conference aimed at remittance receivers in high-inflation economies, citing Argentina. He framed it then as an addition to Western Union's existing prepaid card. The Aug. 4 release widens the target beyond inflation hedging to “everyday spenders.”

$7.4 Million Onchain

USDPT, issued by Anchorage Digital Bank on Solana and redeemable 1:1 for dollars, has 7.4 million tokens in circulation held across 162 addresses, according to Solana onchain data. That is 0.05% of the $15.8 billion in stablecoins on Solana, per DefiLlama, and a rounding error against the $300 billion stablecoin market.

The token went live May 4 and picked up its first major exchange distribution a month later, when Bybit integrated it for Latin American users. Stablecard is its first distribution channel aimed at people who are not already crypto users.

Rain Under The Hood

Rain supplies both the wallet and the card issuing. The company is a principal member of Visa and Mastercard, issues cards accepted at more than 175 million merchant locations in over 200 countries and territories, and counts more than 100 organizations as partners.

“Western Union is putting stablecoin efficiency in the hands of people who have never thought about onchain money and never need to,” said Farooq Malik, Rain's chief executive and co-founder. On X, Rain framed the deal in volume terms: “$100B a year for 100M customers is moving onchain.”

That framing runs ahead of the product. Stablecard is available in 37 of the more than 200 countries and territories Western Union serves, and the company has not said how much of its principal volume it expects to route through USDPT.

Shrinking Core Business

The launch lands five days after an earnings report that sent Western Union shares to a 52-week low. Second-quarter GAAP revenue came in at $1.0 billion, down 1% year over year, with North America revenue down 9% on an adjusted basis. Adjusted earnings fell to $0.31 per share from $0.42, and the company cut full-year adjusted earnings guidance to $1.25 to $1.35 per share, from the $1.75 to $1.85 range it reaffirmed in April.

Digital and Consumer Services are the growth lines. Branded Digital transactions rose 25% year over year and now account for 43% of consumer money transfer transactions. Consumer Services revenue grew 4% on a GAAP basis and 12% adjusted, though the segment's operating margin fell to 16% from 22%.

Western Union stock traded at $6.89 on Aug. 4, up 5.2% on the day, giving the company a market capitalization of $2.14 billion. The shares hit a 52-week low of $6.27 on July 31, the day after the earnings report, against a 52-week high of $10.35. SOL was flat at $73.56, according to CoinGecko.