Western Union is developing a stablecoin-backed prepaid card aimed at countries suffering severe inflation, the company’s CFO Matthew Cagwin said at the UBS Global Technology and AI conference. The card is intended to help remittance recipients preserve value when local currency depreciation erodes purchasing power, with Argentina—where inflation topped 200% last year—cited as a key use case.
The firm has partnered with Rain to issue Visa cards tied to stablecoins, enabling users to convert digital assets held in wallets on Rain’s platform into local cash at Western Union branches. Western Union is building on-ramps and off-ramps within its digital asset network to speed settlements and reduce reliance on traditional banking rails. “We’re working with several providers to build this infrastructure,” Cagwin said.
Western Union plans to launch the US Dollar Payment Token (USDPT) in 2026. USDPT is a stablecoin issued by Anchorage Digital on the Solana network and will integrate with the company’s broader digital asset strategy. The prepaid card will operate as a bridge between stablecoins and everyday spending in high-inflation economies: remittances would be loaded onto dollar-denominated cards that can be used at merchants or cashed out at Western Union locations.
The move marks a reversal of Western Union’s long-standing skepticism toward cryptocurrencies. As recently as 2017 the company’s then-CTO David Thompson questioned Bitcoin’s viability as a currency, citing concerns over governance, compliance and stability. That stance shifted in late 2025 as regulatory frameworks became clearer; CEO Devin McGranahan attributed past caution to worries about volatility, regulatory uncertainty and customer protection.
Separately, Pakistan has announced plans to launch its first stablecoin and is working on central bank digital currency initiatives. Bilal Bin Saqib, chairman of the Pakistan Virtual Assets Regulatory Authority, said the country aims to use digital assets to support government debt and broader financial innovation, noting prior moves such as a Strategic Bitcoin Reserve and allocations of power for mining and AI infrastructure.
