Stablecoin cards processed $1.37 billion in October 2026, three times as much as a year earlier, and most of that spend runs through a handful of card issuers. Of the $3.4 billion Paymentscan could attribute to an issuer in the third quarter of 2026, Rain processed 43%, StraitsX 36%, and Wirex 17%.
Issuers do not publish pricing, minimums, or how they split the work with a program. For our guide, How to Launch a Stablecoin Card Program, we sent the same questions to Wirex, Stripe, StraitsX, and Interlace, and covered Rain from its public documentation and from operators who use it. Bridge, which Stripe acquired in 2025, now issues cards as part of Stripe, so we treat the two as one issuer.
What a Stablecoin Card Issuer Does
Every card program depends on the same set of roles, whoever fills them:
- Card network (Visa or Mastercard), which runs the rails and sets the rules
- Issuer and BIN sponsor, the licensed entity whose card range the card sits on
- Processor, which handles authorisation, clearing, and settlement messages
- Wallet or custody provider, which holds the funds behind spending
- Compliance stack, covering KYC and KYB, transaction monitoring, and sanctions screening
- Non-card services such as accounts, yield, credit, FX, and payments
A traditional fintech program contracts several of these separately. A stablecoin card issuer usually bundles most of them into one contract and one integration, and can replace up to eight vendors. The issuers below differ in where they issue, which currencies they settle in, what they offer beyond the card, and how much of the program they run for you.
Requirements and Time to Market
None of the four issuers we asked directly sets a minimum user count or transaction volume, although the guide reports monthly minimums across the comparison. We asked each what it expects from a new program and how quickly it can get one live:
| Issuer | What It Looks For | Prefunding | Time to Market |
|---|---|---|---|
| IssuerWirex | What It Looks ForA strong website, T&Cs, privacy policy, and a team that engages with the APIs | PrefundingNone on the self-custodial model; at least $50,000 or €50,000 on the master-account model | Time to Market4–12 weeks |
| IssuerStripe | What It Looks ForUse case, expected spend, markets, and operational readiness | PrefundingNo separate cardholder prefunding with just-in-time wallet funding; program-level requirements vary | Time to MarketAbout 4 weeks on the managed program after contracting and approvals; 4–12 weeks bespoke |
| IssuerStraitsX | What It Looks ForAn in-depth understanding of the regulatory model and custody requirements, and a coherent go-to-market strategy | PrefundingGenerally yes, assessed case by case | Time to Market10–14 weeks for dedicated BIN sponsorship |
| IssuerRain | What It Looks ForA clear use case and an experienced payments, product, and engineering team | PrefundingSet per program | Time to Market8–12 weeks; 4–8 weeks for virtual-first or Rain-managed programs |
| IssuerInterlace | What It Looks ForStandard KYB and compliance review | PrefundingYes | Time to MarketDays for ready-made products; several weeks for API builds |
Source: issuers’ answers to Paymentscan’s questions and documentation cited in the guide, October 2026.
Quoted timelines are best cases. Operators plan for around three months to a first live card once compliance review, network approval, and integration are counted. Physical cards take longer still: custom designs need network approval, and operators plan for at least six months from signing to delivery of a first order.
Licences, Card Networks, and Funding Models
The five issuers hold different licences, sit on different networks, and fund cards in different ways:
| Wirex | Stripe | StraitsX | Rain | Interlace | |
|---|---|---|---|---|---|
| Networks | WirexVisa, Mastercard | StripeVisa, Mastercard | StraitsXVisa | RainVisa, Mastercard | InterlaceVisa |
| Licences | WirexUK, EEA (e-money) | StripeUS, UK, Ireland, Canada, Australia | StraitsXSingapore (Major Payment Institution) | Rain– | InterlaceUS, Hong Kong, Canada (money service and trust company) |
| Funding | WirexUser wallets, or a master account | StripeJust-in-time funding from supported wallets | StraitsXPrefunded account, typically in its own XUSD or XSGD | RainUser wallets, or a master account | InterlacePrefunded account |
| Ways to launch | WirexAPIs | StripeAPIs; managed program | StraitsXAPIs | RainAPIs; prebuilt SDK components | InterlaceAPIs; white-label app; self-serve corporate cards |
| Wallets | WirexOwn, or bring your own | StripeOwn, or bring your own | StraitsXBring your own | RainOwn, or bring your own | InterlaceOwn, or bring your own |
Stripe’s licences: Bridge holds US money transmitter licences and conditional OCC approval; Stripe holds UK and Irish EMI authorisations, a Canadian RPAA registration, and an Australian Financial Services Licence. Anything the guide could not confirm is left out.
Card Coverage and Settlement Currencies
Where an issuer issues cards locally helps determine what users pay. A purchase on a card issued in the user’s own country is domestic, while the same purchase on a foreign card is cross-border and costs more. Here is where each issuer issues locally and the currencies it settles in, with Monavate and Reap added for comparison:
| Issuer | Local Issuance | Settlement Currencies |
|---|---|---|
| IssuerWirex | Local IssuanceUS, EEA, UK, Australia | Settlement CurrenciesUSD, EUR, GBP, HKD, AUD, NZD |
| IssuerStripe | Local IssuanceUS, EEA, and parts of LATAM and EMEA; account range processing | Settlement CurrenciesUSD, EUR, GBP |
| IssuerStraitsX | Local IssuanceSingapore; local BINs in 100 countries through account range processing | Settlement CurrenciesSGD (domestic), USD (abroad) |
| IssuerRain | Local IssuanceUS | Settlement CurrenciesUSD |
| IssuerInterlace | Local IssuanceUS, Hong Kong | Settlement CurrenciesUSD |
| IssuerMonavate | Local IssuanceUS, EEA, UK | Settlement CurrenciesUSD, EUR, GBP |
| IssuerReap | Local IssuanceUS, Hong Kong | Settlement CurrenciesUSD |
Source: Paymentscan card currency research and issuer information reproduced in the guide. Wider currency support is on Rain’s roadmap.
On USD-only cards, international spend typically costs users 2–3% in total fees, about the same as a traditional bank card. Our breakdown of card currencies explains why, and how local issuance and multi-currency settlement bring that down.
Services Beyond the Card
A card is usually where a product starts. Several issuers also offer accounts, FX, payouts, yield, and credit, so a program can grow into a broader financial product without adding providers:
| Service | Wirex | Stripe | StraitsX | Rain | Interlace |
|---|---|---|---|---|---|
| ServiceAccounts | WirexVirtual accounts | StripeVirtual accounts via Bridge | StraitsXVirtual accounts | Rain– | Interlace– |
| ServiceRamps, swaps, and FX | WirexSwaps and FX | StripeOn- and off-ramps via Bridge | StraitsXFX | Rain– | InterlaceOn- and off-ramp |
| ServicePayments | WirexYes | StripePayouts via Bridge | StraitsXSWIFT payouts; POBO and COBO | RainLocal payouts | Interlace– |
| ServiceYield | WirexYes | StripeOn eligible balances through OUSD | StraitsX– | Rain– | Interlace– |
| ServiceCredit | WirexYes | Stripe– | StraitsX– | Rain– | Interlace– |
Source: issuers’ answers to Paymentscan’s questions and documentation cited in the guide.
Wirex is the only issuer in the comparison that the guide lists with virtual accounts, swaps and FX, payments, yield, and credit in the same integration. Stripe, through Bridge, and StraitsX also cover several parts of the stack.
Who Runs KYC, Disputes, and Physical Cards
In every case, the issuer owns the network-facing process and the final compliance decision, while the program owns the conversation with the cardholder. The defaults differ in the details:
- KYC. Wirex runs checks and decides, either hosted or with your data via SumSub or its API. Rain runs KYC and decides, and lets proven compliance teams pass their own data. Interlace verifies and decides, and can let you run your own KYC on approval. Stripe embeds KYC in managed onboarding.
- Transaction monitoring. Wirex runs KYT, fraud, sanctions, and 3DS, and you can add authorisation rules. Stripe uses its own tooling, including Radar. Rain runs monitoring, fraud, and sanctions. Interlace screens in real time.
- Disputes. Wirex runs them as a principal network member, with AI assistance. Stripe runs them on managed programs. Rain runs the network process while you support investigations, and Interlace raises chargebacks while you handle inquiries and evidence.
- Physical cards. Wirex produces and ships plastic or metal cards from your design. Stripe handles design to fulfilment on bespoke programs. Rain uses approved vendors, and you pay for production. Interlace produces and ships, and you own ordering.
Stablecoin Card Issuer Profiles
Rain
Rain is the largest stablecoin card issuer by spend, with 43% of the volume Paymentscan attributed to an issuer in Q3 2026. It issues in the US on Visa and Mastercard and settles in USD only, with wider currency support on its roadmap. Programs fund from user wallets or a master account, and can launch with prebuilt SDK components. Rain also offers a white-label points program with no platform or setup fee, where programs fund only the points cardholders redeem. Western Union’s Stablecard is issued with Rain, and KAST and Kolo use it alongside a second issuer.
Wirex
Wirex holds UK and EEA e-money licences, issues locally in the US, EEA, UK, and Australia, and settles in six currencies. It is the only issuer in this comparison that the guide lists with credit alongside the card, and it also offers virtual accounts, swaps and FX, payments, and yield. Programs fund from user wallets or a master account, and quoted launch times are 4–12 weeks. The BingX Card is issued with Wirex.
Stripe, Including Bridge
Stripe issues in the US, EEA, and parts of LATAM and EMEA, offers account range processing, and settles in USD, EUR, and GBP. Its managed program can take a consumer debit program live in about four weeks after contracting and approvals, with prebuilt cardholder UI, embedded KYC, and managed fraud and support. Business programs go through the API. Stripe offers virtual accounts, on- and off-ramps, swaps, and payouts through Bridge, alongside yield on eligible balances through OUSD. Phantom’s debit card is issued through Stripe.
StraitsX
StraitsX is a Singapore Major Payment Institution issuing on Visa. It settles domestic Singapore spend in SGD and spend abroad in USD, and offers local BINs in 100 countries through account range processing, so a card issued for Taiwan counts as a Taiwanese card. Programs typically fund in StraitsX’s own XUSD or XSGD at close to zero cost. It offers dedicated BIN sponsorship, which takes 10–14 weeks to launch. RedotPay uses StraitsX alongside Reap.
Interlace
Interlace holds licences in the US, Hong Kong, and Canada, and issues on Visa. It has the shortest quoted launch times in the comparison: days for ready-made products, while API builds take several weeks. Interlace says one person can cover support and day-to-day operations on its white-label product. Programs prefund, and the wider stack includes an on- and off-ramp, agentic cards, and self-serve corporate cards.
How to Choose a Stablecoin Card Issuer
What to prioritise depends on who you are building for:
- Crypto-native app with its own wallets. Look for bring-your-own wallet and custody, deposits across chains with automatic bridging, and just-in-time funding from user wallets.
- Fintech or brand that wants a fiat experience. Look for fiat funding, multi-currency balances, licensed ramps in your markets, and a model where users never see a token.
- Small team that needs speed. Look for a white-label or managed tier, outsourced disputes and support, and a virtual-first launch.
- Enterprise with compliance and treasury in place. Look for the flexibility to keep your own KYC, custody, and ledger.
- Regional focus. Match the issuer’s licences, BIN locations, and local processing to where your users live and spend.
Then compare issuers on the same ten points: coverage and permitted merchant categories, licensing structure, FX path and markup, funding options, product scope, form factors such as Apple Pay and Google Pay, built-in rewards, operational support, lock-in, and track record.
Using More Than One Card Issuer
Some of the largest programs split their cardholders between two issuers:
| Program | Issuers |
|---|---|
| ProgramRedotPay | IssuersStraitsX + Reap |
| ProgramEtherFi | IssuersRain + Reap |
| ProgramKAST | IssuersRain + Reap |
| ProgramKolo | IssuersRain + Wirex |
Source: Paymentscan issuer data reproduced in the guide, October 2026.
Geography is the usual reason. No issuer issues locally everywhere, so a program with users across regions can place each user with the issuer that has a local BIN or account range in their country. Card type is another, since some issuers serve corporate programs better than others. Each issuer you add brings its own monthly minimum, integration, and network approvals, so for a new program, one issuer that covers its main market is usually the right start.