Western Union, the global remittance giant, is developing a prepaid stablecoin payment card specifically for populations in countries suffering from hyperinflation. The company's Chief Financial Officer, Matthew Cagwin, announced the initiative at the UBS Global Technology and AI Conference, highlighting Argentina—where inflation exceeded 200% last year—as a primary target market.
The card is designed to protect users' purchasing power by allowing them to hold funds in U.S. dollar-pegged stablecoins instead of volatile local currencies. It will function as an extension of Western Union's existing prepaid card program, developed in partnership with Rain, a company that issues Visa cards backed by stablecoins. Users will be able to spend the stablecoins directly with the card or convert them into local cash at participating Western Union branches.
This initiative is directly tied to Western Union's planned launch of its own stablecoin, USDPT, in early 2026. The USDPT stablecoin will be issued by the regulated crypto bank Anchorage Digital and will operate on the Solana blockchain, chosen for its high throughput and low transaction fees. This infrastructure is intended to enable faster cross-border settlements, reduce costs, and improve liquidity across Western Union's network, which moves approximately $500 million daily.
The company views this move as a critical step in building a full digital asset network to reduce dependence on traditional, slower banking rails. For end-users, the card offers a practical defense against currency devaluation, financial inclusion without a foreign bank account, and everyday usability at merchants that accept card payments.
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