Pine Labs to launch prepaid stablecoin card by April
Pine Labs, a major Indian fintech, is rolling out a prepaid card that can be funded with stablecoins from consumers' digital wallets and used to pay in local currency across nine countries by April 2026.
It's the first time an Indian-listed fintech is stepping into this space, making crypto payments more practical for everyday use.
Challenges ahead for Pine Labs in stablecoin market
Pine Labs wants a slice of the $310 billion stablecoin market, but it won't be easy.
Its overseas business now makes up 17% of revenue, and while gross revenue rose 24% year-on-year, shares have dropped 28% since November due to fierce competition.
Stripe, after acquiring Bridge, is integrating Bridge's stablecoin functionality into its products, Reap has crossed $6 billion in annual card volume in Asia and the Middle East, and PayPal is pushing its own PYUSD coin.
Meanwhile, some Indian players like PhonePe and Paytm are staying out due to regulatory concerns.