Pine Labs to launch stablecoin payments outside India
The Hindu
Pine Labs plans to launch a stablecoin-backed prepaid card across nine countries, expanding its global payment solutions.
Pine Labs will launch a stablecoin-backed prepaid card across nine countries in the Middle East, Africa and Southeast Asia by the end of April, the fintech firm's chief executive told Reuters, marking the first attempt by an Indian payments major to tap the fast-growing market.
The Temasek and Peak XV-backed company aims to launch in countries that have a "stablecoin-friendly stance", Amrish Rau said in an interview on Friday (February 27, 2026), without specifying which countries they would launch in.
Pine Labs does not plan to launch the product in India or China, Mr. Rau said.
The prepaid card, funded with stablecoins from consumers' digital wallets, will enable payments in local currencies through real-time conversion at the point of sale, the CEO said.
Global payment firms Stripe, PayPal and Klarna are already using stablecoins to facilitate cross-border payments as the instruments gain wider acceptance in emerging markets, topping $310 billion in market value, led by U.S. dollar-pegged tokens Tether and USDC.
“Cross-border payments potentially are getting replaced today by stablecoins... these are very real trends which are taking off globally and we are absolutely building for it,” Pine Labs' Mr. Rau said.
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