Pine Labs plans to launch a stablecoin-backed prepaid card across nine markets in the Middle East, Africa, and Southeast Asia by the end of April 2025, marking a notable international expansion for the Indian fintech firm. CEO Amrish Rau said the initiative represents the company’s first consumer-facing stablecoin payments offering and will focus on jurisdictions that maintain a supportive regulatory environment for such assets. The card will allow users to spend funds held in stablecoin wallets, which will be converted into local currencies instantly at the point of sale.
Pine Labs, backed by Temasek and Peak XV Partners, will not introduce the product in India or China. Stablecoins have gained traction in global payments, with their total market capitalization exceeding $310 billion, led by tokens such as Tether and USD Coin.
Rau highlighted that the company is positioning itself to benefit from shifts in cross-border financial flows. He stated, “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 currently serves merchants in about 20 countries through its payment processing and point-of-sale technology, with international operations accounting for roughly 17% of revenue.
The firm reported quarterly gross revenue of approximately $81.4 million, a 24% year-over-year increase. Rau also added that the company is prioritizing artificial intelligence, international expansion, and digital asset infrastructure, saying, “If you don’t capture that opportunity, Indian fintechs are going to get left behind.”
