🐘 Indian fintech Pine Labs 🇮🇳 plans to launch a stablecoin-backed prepaid card across 9 markets

🐘 Indian fintech Pine Labs 🇮🇳 plans to launch a stablecoin-backed prepaid card across 9 markets

The rollout is expected by the end of the current year across West Asia, Africa and Southeast Asia. The company has not yet disclosed the specific countries, but they are expected to be markets with favorable stablecoin regulation.

➡️ How will it work? — the prepaid card will be funded with stablecoins from users’ digital wallets and will enable payments in local currency via real-time conversion at the point of sale.

➡️ Who is backing the project? — Temasek Holdings, a Singapore-based global investment firm🇸🇬, and venture capital firm Peak XV, which focuses on India, Southeast Asia and other emerging markets.

➡️ Pine Labs notes that it does not plan to launch the product in India🇮🇳 or China🇨🇳. In India, while stablecoins are not banned, regulators have warned that they may facilitate illicit payments, which limits adoption by major players such as PhonePe and Paytm. In China, a ban on unauthorized issuance of yuan-pegged stablecoins by foreign entitieswas recently introduced, as part of broader tightening of virtual asset regulations.

➡️ Context: Pine Labs provides payment solutions, including POS terminals, across 20 countries, with approximately 17% of its revenue generated from international operations. In Q4 2025, gross revenue grew 24% year-on-year to USD 81.4 million. Since its market debut in November, the company’s shares have declined by around 28%. Management has identified AI-driven payments, international expansion and stablecoin development as key strategic priorities.

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