Pine Labs to launch stablecoin payments outside India: Reuters

Pine Labs to launch stablecoin payments outside India: Reuters

Pine Labs to Launch Stablecoin Payments Outside India, Expanding Global Footprint

Pine Labs, an Indian fintech firm, announced plans to launch a stablecoin-backed prepaid card in nine countries across the Middle East, Africa, and Southeast Asia by April 2026, marking the first such initiative by a listed Indian company in this space. The product, funded through consumers' digital wallets, will enable real-time conversion of stablecoins to local currencies at the point of sale, according to CEO Amrish Rau.

The firm emphasized its focus on markets with "stablecoin-friendly" regulatory environments, though specific countries were not disclosed. Pine Labs explicitly stated no immediate plans to introduce the service in India or China, citing regulatory caution in both regions. In India, while stablecoins are not prohibited, the Reserve Bank of India (RBI) has raised concerns about their potential to disrupt monetary policy and facilitate illicit transactions. Similarly, China recently banned unauthorized offshore issuance of yuan-pegged stablecoins.

Stablecoins, which are typically pegged to fiat currencies like the U.S. dollar, have gained traction in cross-border payments, with a market value exceeding $310 billion, led by tokens such as Tether and USDC. Global payment firms, including Stripe and PayPal, have already integrated stablecoins to streamline transactions. Pine Labs aims to leverage this trend as part of its tech-driven global expansion strategy, alongside AI-based payments and cross-border initiatives.

The company, which secured all three RBI licenses for offline, online, and cross-border payments, reported a 24% year-on-year revenue increase in its December quarter, with overseas operations contributing 17% of total revenue. However, its shares have fallen 28% since their November 2025 debut, reflecting intensified competition in the digital payments sector.

Pine Labs' move underscores growing fintech innovation in emerging markets, where stablecoins are increasingly viewed as a tool to reduce friction in cross-border commerce. Yet, regulatory uncertainties—particularly in India and China—highlight the balancing act between innovation and compliance for firms navigating this space.

Reuters, March 2, 2026: Reuters, March 2, 2026
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