Cashi entered the stablecoin payments race on August 11, 2026, launching its app and Visa card in public beta from Hong Kong. The fintech lets users deposit USDT or USDC stablecoins, receive a virtual Visa card within minutes, and spend the balance at any of Visa's 150 million merchant locations worldwide. ![]()
Just one week earlier, Western Union debuted its own stablecoin card—Stablecard—on August 4, 2026. ![]()
The near-simultaneous launches of two major products signal that the stablecoin card market is moving from experimental pilots into a full-scale competitive phase.
How Cashi's Card Works
Partners and Infrastructure
Cashi’s card program is powered by Thredd, an AI-first issuer processing platform that handles card issuance, transaction processing, and settlement. ![]()
Visa provides the global payment network, and the Cashi app is available in over 100 countries at launch, initially focused on Hong Kong. ![]()
Supported Stablecoins
- USDT (Tether)
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- USDC (Circle)
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Spending Mechanism
Users deposit stablecoins into the Cashi app, which converts the balances into spendable fiat value at the point of sale via Visa’s network. There is no manual conversion step—spending is seamless at checkout, just like a normal debit card. The card works anywhere Visa is accepted, online and in stores. ![]()
Card Types and Availability
- Virtual Visa card: Issued immediately upon sign-up; can be added to Google Pay.
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- Physical cards and Apple Pay: Coming in the next phase, targeted for a Mexico rollout in the second half of 2026.
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- Initial launch region: Hong Kong
- Expansion planned: Mexico by end of 2026, with physical cards and Apple Pay support.
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Security and Regulatory Measures
The program is in public beta. Detailed compliance and KYC/AML specifics are not yet publicly detailed, but the program is issuer-processed through Thredd, which implies standard banking-grade regulatory oversight for card issuance. ![]()
The phased rollout approach—Hong Kong first, then Mexico—suggests regulatory licensing per jurisdiction as the program scales.
Cashback Structure
Cashi offers cashback paid out as real dollars (not points or tokens), with no expiration. ![]()
| Spend Category | Cashback Rate |
|---|
| Subscriptions | Up to 3% |
| General spending | Standard rate (exact % not publicly specified) |
Target audience: Crypto-native users and stablecoin holders who want to spend digital assets on everyday expenses—groceries, subscriptions, online shopping, travel—without converting to fiat first. ![]()
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Competitive Landscape: Western Union's Stablecard
Western Union’s Stablecard launched on August 4, 2026, creating direct competition just a week before Cashi went live. ![]()
Here’s how the two products compare:
| Feature | Cashi | Western Union Stablecard |
|---|
| Launch date | Aug 11, 2026 | Aug 4, 2026 |
| Stablecoin | USDT, USDC | USDPT (Western Union's own stablecoin) |
| Blockchain | Any (via deposit) | Solana (native) |
| Infrastructure partner | Thredd | Rain |
| Issuer bank | Not disclosed | Anchorage Digital Bank ![]() |
| Regions at launch | 100+ countries (app); Hong Kong (card pilot) | 37 markets ![]() |
| Merchant acceptance | 150M+ locations | 175M+ locations ![]() |
| Mobile wallets | Google Pay (now); Apple Pay (coming) | Apple Pay, Google Pay ![]() |
| Card type | Virtual (physical coming) | Secured credit card + digital wallet ![]() |
Key differentiator: Western Union’s Stablecard is purpose-built for its remittance network—users receive money transfers as USDPT and spend instantly via Visa, targeting the massive global remittance market. Cashi is a broader stablecoin spending app for general consumers. ![]()
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Broader Industry Context: The Stablecoin Card Boom
Crypto Card Spending Growth
The numbers show the market is accelerating fast:
- $759 million in monthly stablecoin card spend was recorded in July 2026, a 2.5x increase from $306 million a year earlier.
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- Cumulative crypto card volumes reached $7.8 billion through May 2026.
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- Visa’s own stablecoin-linked cards processed approximately $5.2 billion in 2025—a 319% year-over-year increase.
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- Visa-backed crypto card spending jumped 525% during 2025, from $14.6 million monthly to $91.3 million.
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Visa's Stablecoin Initiatives (2026)
| Initiative | Date | Details |
|---|
| Visa Direct stablecoin payouts | Aug 5, 2026 | Stablecoins integrated into Visa’s real-time push payments rail, reaching 18B+ endpoints ![]() |
| Visa Stablecoin Platform (VSP) | Jul 16, 2026 | Platform for minting, moving, and managing stablecoins; integrates with Open USD ![]() |
| Partnership with Bridge (Stripe) | Mar 3, 2026 | Expanding stablecoin-linked cards to 100+ countries (18 countries live at launch) ![]() ![]() |
| USDC settlement on Solana | Dec 2025 | U.S. issuer/acquirer settlement via USDC on Solana ![]() |
| Stablecoin settlement pilots |
Mastercard's Stablecoin Push
- March 2026: Launched Crypto Partner Program with 85+ companies (exchanges, wallets, issuers, processors).
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- March 2026: Acquired stablecoin infrastructure startup BVNK for $1.8 billion.
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The Big Picture
Stablecoin card spending is still tiny relative to total card volume—Visa’s $5.2 billion in stablecoin-linked card spend represents just 0.04% of its $14.2 trillion total global volume. ![]()
But the growth trajectory is steep (500%+ year-over-year), and both Visa and Mastercard are investing heavily in infrastructure, partnerships, and regulatory pipelines to normalize stablecoins as a mainstream payment method. Cashi and Western Union’s near-simultaneous launches signal that the market is shifting from experimental pilots to production-scale consumer products.
