Pine Labs to Launch Stablecoin Cards in Nine Nations
The Indian fintech firm will introduce stablecoin-backed prepaid cards in the Middle East and Africa. The product enables real-time local currency conversion.
PINE LABS LTD is set to expand its global footprint by launching a stablecoin-backed prepaid card across nine countries in the Middle East, Africa, and Southeast Asia by the end of April. This move marks the first significant attempt by a major payments firm from India to enter the rapidly growing stablecoin market, targeting regions with favorable regulatory environments.
Amrish Rau, the CEO of the Temasek and Peak XV-backed company, stated that the new product will not be available in India or China. The prepaid card will allow consumers to fund their accounts using stablecoins from digital wallets, which are then converted in real-time into local currencies at the point of sale. This initiative places the company alongside global fintech leaders such as PAYPAL HOLDINGS INC, KLARNA GROUP PLC, and Stripe, all of which have integrated stablecoins to streamline cross-border transactions.
