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- Pine Labs to launch stablecoin-backed prepaid card across nine global markets by April.
- The new card converts stablecoins to local currency instantly, boosting transaction speed.
- India and China are excluded as regulations push Pine Labs to focus on crypto-friendly regions.
Pine Labs will introduce a prepaid card backed by stablecoins in nine countries across the Middle East, Africa, and Southeast Asia by the end of April. The move marks the first stablecoin-linked product from a listed Indian payments company and signals a major shift toward blockchain-enabled transactions.
Pine Labs CEO Amrish Rau announced the launch timeline. He said the card will draw funds directly from consumers’ digital wallets. The system will convert stablecoins into local currencies at the point of sale. This structure allows faster settlement and supports wider merchant acceptance.
The company plans to focus only on markets with clear and supportive rules for stablecoins. Rau did not share the exact countries selected for the rollout. He stressed that Pine Labs will avoid markets where regulatory uncertainty is high or where strict limits exist on virtual assets.
Regulatory Barriers Shape Pine Labs’ Market Choices
Rau stated that the product will not be offered in India. The Reserve Bank of India has raised concerns about the effect of stablecoins on monetary policy and has warned that digital tokens could support risky or illegal activity. These regulatory signals have slowed stablecoin product development in the country.
China is also excluded from Pine Labs’ plan. The country has banned the unauthorized issuance of yuan-linked stablecoins. It continues to restrict most forms of cryptocurrency trading and related services. These policies create barriers for companies seeking to launch stablecoin-enabled tools in the region.
Global payment firms are already moving toward stablecoin infrastructure. Stripe, PayPal, and Klarna use stablecoins to lower friction in cross-border transfers. The market for these digital tokens has expanded to more than $310 billion. Tether and USDC remain the largest dollar-pegged stablecoins.
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Rau has stated that stablecoins are transforming international transactions. He has emphasized that many international transactions are now being carried out through blockchain-based tokens. This is an evolving trend, which is going to define new payment standards.
Stablecoins and AI Shape Pine Labs’ Future Strategy
Pine Labs is focusing on aligning its strategy with the evolving payment systems. The company specializes in payment systems like point-of-sale machines. The company has expanded its operations into 20 different nations. The international operations contribute about 17% of the total revenue generated by the company.
The firm has generated a 24% increase in its gross revenue during the December quarter. The revenue generated is approximately ₹7.44 billion, which is equivalent to about $81.4 million.
Rau said that the expansion through technology is going to define the next phase of the company. He has also stated that stablecoins, artificial intelligence, and cross-border solutions are the need of the hour for international competitiveness.
Industry analysts have stated that the cautious approach adopted by India towards stablecoins can hinder the pace of innovation. The analysts have emphasized the fact that the international operations can help the fintech sector of India contribute towards the evolving digital payment systems.
The operations of Pine Labs can help the stablecoin sector grow in other nations and can highlight the growing influence of Indian companies.
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