Cashi Launches Public Beta for Stablecoin App and Card

Stablecoin cards link on-chain balances such as USDT and USDC to established networks including Mastercard, converting digital dollars into fiat at checkout so merchants do not need crypto infrastructure or exposure to token volatility. The model tackles crypto’s “last mile” by preserving familiar card credentials, acceptance, chargebacks and consumer protections. Its significance lies less in replacing card networks than in turning fragmented stablecoin liquidity into a usable payment source across hundreds of millions of merchant locations.

On May 8, 2026, Rain head of strategic partnerships John Timoney told a Consensus Miami panel that retail spending on stablecoin cards had risen about 105% to 106% over the prior year and could reach double-digit shares in some Latin American markets. Rain, now a Mastercard Principal Member, is exploring regulated-stablecoin settlement with the network. Timoney said weekend and holiday settlement had reduced trapped capital by more than 40% in some programs. The segment remains nascent: Consensys executive Ray Hernandez estimated stablecoin cards account for less than 1% of global card spending.

Stablecoin-linked cards connect digital-asset balances with established payment networks, allowing consumers to spend their holdings without requiring merchants to accept cryptocurrencies directly. The partnership between issuer-processing platform Thredd and Cashi reflects a broader push to move stablecoins beyond trading and transfers into everyday commerce by using Visa’s existing acceptance infrastructure and familiar mobile-wallet experiences.

Thredd and Cashi have launched the program in Hong Kong with a virtual Visa card that supports Google Pay and enables purchases funded by digital assets. The companies plan to expand the offering to Mexico and add physical cards and Apple Pay. As of Aug. 12, 2026, they had not disclosed the investment amount, a card-issuance target or a launch date for the Mexican rollout.