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Pine Labs Eyes Global Stablecoin Market
2 Mar
Summary
- Pine Labs will launch a stablecoin-backed prepaid card in nine countries.
- The card enables local currency payments via real-time stablecoin conversion.
- India and China are excluded from the new stablecoin card launch.
Fintech firm Pine Labs, backed by Temasek and Peak XV, plans to introduce a stablecoin-backed prepaid card in nine countries by the end of April. These initial launch countries will be selected based on their 'stablecoin-friendly stance,' with a focus on regions in the Middle East, Africa, and Southeast Asia. India and China are explicitly excluded from this rollout.
The prepaid card will allow consumers to fund purchases using stablecoins from their digital wallets. At the point of sale, these stablecoins will be converted in real-time to local currencies, enabling seamless transactions. This strategy aligns with the global trend of increasing acceptance and usage of stablecoins for cross-border payments, which have seen significant market value growth.
This venture marks a significant step for Indian payment companies exploring the burgeoning stablecoin market. While India has not banned stablecoins, its central bank has expressed concerns regarding monetary policy and potential illegal activities. Major Indian payment firms currently do not offer stablecoin-backed payment solutions. Pine Labs aims to focus on AI-based payments, international expansion, and these stablecoin experiments to stay competitive globally.
