%201.webp)
KAREN JOY BACUDO
Finance Editor
Cashi has launched its app and card in public beta, allowing users to spend stablecoins through a Visa card in more than 100 countries.
The Hong Kong-based financial technology company lets users deposit USDT or USDC, receive a virtual card within minutes and use it anywhere Visa is accepted online or in stores through Google Pay. The rollout is Cashi’s first public product release aimed at turning stablecoin balances into day-to-day spending money.
The beta gives customers in more than 100 countries access to the product. More than 1,100 people joined the waitlist before release.
The card can be used at more than 150 million merchant locations worldwide where Visa is accepted. Balances remain in stablecoins until the moment of payment, rather than being converted in advance or locked into another format.
Cashi has also added a cashback structure to the card. Users receive 3% back on subscriptions including Amazon Prime and Uber One, 2% on online shopping and 1% on flights and hotels. Rewards are paid as dollar spending credit rather than points, and they do not expire.
Card infrastructure
Cashi has selected Thredd as its issuer processing partner. Thredd said the programme is already live in Hong Kong and will serve as the basis for expansion into Mexico, where Cashi plans to add physical cards and support for Apple Pay.
The arrangement reflects how stablecoin spending products are increasingly being built through partnerships between consumer-facing apps, card networks and specialist processing firms. Cashi’s cards are issued through licensed partners, and the company said accounts are protected by identity verification and transaction screening that meet international anti-money laundering standards.
Customer assets are held with institutional custody providers. Cashi describes itself as a financial technology company rather than a bank.
Growing market
The launch comes as stablecoins move beyond trading and transfers into consumer payments. Cashi said more than 300 million people worldwide now hold stablecoins, and that stablecoin payments exceeded USD $33 trillion last year.
Even so, spending stablecoins in ordinary retail settings has remained difficult for many users. Moving funds from wallets to exchanges and then into local currency accounts often adds friction and fees. That has created an opening for card-based products that bridge digital asset holdings with the existing payments system.
Cashi is targeting users who earn, save or move money across borders, including freelancers, families and travellers. It argues that these groups often face volatility in local currencies or complications when they are paid in one currency but spend in another.
The initial launch supports virtual cards and Google Pay. Apple Pay and physical cards are due with the full launch.
Cross-border push
Thredd said the staged rollout across Hong Kong and Mexico is intended to create a base for wider international expansion. Processing partners have become central to such plans because card products must meet local market requirements while still working across global payment networks.
In comments on the launch, Esther Wong outlined the company’s pitch to customers.
“We built Cashi around a simple idea: money should be easy to hold, easy to spend, and steady in value,” said Esther Wong, Founder and Chief Executive Officer of Cashi.
“Our users are freelancers, families, and travelers who already live globally. They don’t want to trade crypto. They want money that’s simple, stable, and spendable. That’s the whole product,” Wong said.
Reap, which works with global card programmes, also commented on the launch.
“Cashi is a great example of how we support global partners in bringing their own card programs to life on the Visa network,” said Pablo Che Leon, Head of Customer Growth at Reap.
“They’re exactly the kind of partner Reap is well positioned to support: a team building for people who live and earn across borders, betting on stablecoins as everyday spending money, and reaching underserved markets where it matters most. We’re excited to see the offering that Cashi will bring to the market, and we’re confident they will build a great experience for their users,” Leon said.
Thredd also framed the programme as an example of stable digital assets moving into routine consumer use.
“Cashi is helping turn stable digital assets into something consumers can use naturally in their everyday lives,” said Damien Gough, Head of APAC at Thredd.
“Launching a programme across markets as distinct as Hong Kong and Mexico requires technology that can support local payment requirements without compromising the consistency of the customer experience. Thredd’s platform gives Cashi a strong foundation to launch, expand and bring its vision for borderless spending to more consumers,” Gough said.