India, May 26 -- Fintech major Pine Labs plans to soon launch infrastructure for stablecoin-backed prepaid cards in global markets. During the company's Q4 earnings call today, CEO Ambrish Rau said that while India has a robust payments ecosystem owing to UPI, stablecoins hold relevance in the global markets due to their ability to handle quick transactions and remittances.

To leverage this opportunity, Pine Labs is working on building backend infrastructure for stablecoin-backed prepaid cards launched by banks and financial institutions that would allow for P2P and merchant payments along with bulk remittances, where Pine Labs will be able to earn on a per transaction basis.

Rau also emphasised the huge opportunity that "programmable m...