Global remittance giant Western Union is preparing to roll out a so-called “stable card” aimed at consumers in markets with high inflation, the firm’s Executive VP and CFO, Matthew Cagwin, said at the UBS Global Technology and AI Conference on Tuesday, Dec. 2.

According to a transcript published by Seeking Alpha, Cagwin described the product as part of the payments company’s broader stablecoin strategy.

Cagwin said the stable card would be an “increment” to the company’s existing U.S. prepaid card, but with a “a much stickier benefit in a country where there's high inflation.” He pointed to Argentina in particular — where he said inflation was 250-300% last year — as an example of where a dollar-denominated card could help recipients preserve value.

To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io