Western Union and stablecoin card issuer Rain launched Stablecard on Aug. 4, adding a consumer product to Western Union’s onchain strategy. The new offering combines a digital wallet with a Visa card, allowing people to receive money transfers in USDPT and spend that balance anywhere Visa is accepted or withdraw cash at ATMs.
The launch pushes Western Union beyond settlement infrastructure and into a direct user product. In 2025, the company moved $107.4 billion in cross-border principal through 285.9 million consumer money transfer transactions. Stablecard gives those recipients a dollar-denominated balance they can use without first converting into local currency.
Western Union said Stablecard is live in 37 markets. The company described those as “the key markets where local currency is not stable and demand for stablecoins is already visible,” but did not identify them by name. It is targeting more than 60 markets by the end of the year. The app is available through the Apple App Store and Google Play. The card can also be added to Apple Pay and Google Pay, and users can move USDPT in and out of external 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,” Western Union President and Chief Executive Devin McGranahan said in the release.
Questions remain around the card structure
Western Union described Stablecard as a “USDPT-backed Visa secured credit card.” In conventional card markets, a secured card uses a customer deposit as collateral for a credit line. Western Union did not explain how that structure works in this product. It also did not disclose credit limits, interest terms, or fees. Neither Western Union nor Rain said whether a user’s USDPT balance is debited directly at the point of sale.
The company first signaled the product in December 2025. At the UBS Global Technology and AI Conference, Chief Financial Officer Matt Cagwin referred to a “stable card” aimed at remittance recipients in high-inflation economies and specifically cited Argentina. At that stage, he presented it as an addition to Western Union’s existing prepaid card. The Aug. 4 announcement broadens that positioning from inflation protection to a product for “everyday spenders.”
USDPT remains small onchain
USDPT is issued by Anchorage Digital Bank on Solana and can be redeemed 1:1 for dollars. According to Solana onchain data, 7.4 million tokens are currently in circulation, spread across 162 addresses.
That amounts to 0.05% of the $15.8 billion in stablecoins on Solana, based on DefiLlama data. Against the broader $300 billion stablecoin market, it is still negligible in size.
The token went live on May 4. A month later, Bybit added support for it for users in Latin America, marking its first meaningful exchange distribution. Stablecard becomes the first distribution channel directed at users who are not already in crypto.
Rain handles the wallet and card issuance
Rain is supplying both the wallet layer and the card issuing stack behind Stablecard. The company is a principal member of Visa and Mastercard and says it issues cards accepted at more than 175 million merchant locations across more than 200 countries and territories. Rain also says it has more than 100 partner organizations.
“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 partnership in terms of potential volume, writing: “$100B a year for 100M customers is moving onchain.” The current rollout is more limited than that wording suggests. Stablecard is available in 37 of the more than 200 countries and territories where Western Union operates, and the company has not said how much of its transfer principal it expects to route through USDPT.
Launch follows weak earnings and a guidance cut
The product arrived five days after a quarterly earnings report that pushed Western Union shares to a 52-week low. The company reported second-quarter GAAP revenue of $1.0 billion, down 1% from a year earlier. North America revenue fell 9% on an adjusted basis. Adjusted earnings dropped to $0.31 per share from $0.42 per share.
Western Union also cut its full-year adjusted earnings guidance to a range of $1.25 to $1.35 per share. In April, it had reaffirmed a range of $1.75 to $1.85 per share.
Its Digital and Consumer Services businesses remain the growth areas. Branded Digital transactions rose 25% year over year and now make up 43% of consumer money transfer transactions. Consumer Services revenue increased 4% on a GAAP basis and 12% on an adjusted basis, though the segment’s operating margin fell to 16% from 22%.
Western Union shares traded at $6.89 on Aug. 4, up 5.2% on the day, giving the company a market capitalization of $2.14 billion. The stock had fallen to a 52-week low of $6.27 on July 31, the day after the earnings report. Its 52-week high stands at $10.35. SOL was flat at $73.56, according to CoinGecko.