MiPlata launches Visa prepaid card for direct stablecoin spending

miPlata has launched a physical Visa prepaid card that lets users spend their stablecoins directly, with no detour through a traditional bank account.

For a fintech built around Latino workers and families, that skipped step matters. Every conversion and transfer is a chance for fees, delays, and friction to creep in.

The card was built with Stripe Issuing. It draws on stablecoin balances, particularly USDC, so users don’t have to convert to fiat before they buy something.

How the card works

The user holds USDC in their miPlata account. When they swipe the card, the purchase is paid from that balance.

miPlata’s setup removes the mandatory bank cash-out. For the user, the stablecoin balance simply behaves like money in a checking account.

The plumbing behind it involves several players. Lead Bank issues the prepaid card, and Bridge Ventures LLC serves as program manager. Stripe Issuing provides the infrastructure for producing the card.

The build time is the eye-catching detail. miPlata developed the card in just five weeks on Stripe’s infrastructure.

Who miPlata is building for

miPlata was founded by CEO Miguel Alecio to reduce financial friction for Latino communities. The platform combines payroll solutions, mobile banking, and remittance services in a single app.

The physical card joins an existing lineup. That includes a digital dollar account for stablecoin transactions, virtual Visa debit options, and cross-border transfer features.

The company targets unbanked and underserved Latino users across 16 countries in Latin America and the US.

The pitch leans heavily on cost and accessibility. miPlata advertises zero hidden fees for its core services and savings of up to 2.99% APY. It also offers multilingual customer support.

The company also says it is SOC 2 compliant. That is an audit framework covering how a firm handles security and customer data. It is not a banking license, but it is the kind of credential that partners like card issuers tend to want to see.

What this means

The remittance angle is where the product could matter most. A worker in the US who earns wages and sends money home typically pays transfer fees and currency conversion costs along the way. If both sender and recipient can hold digital dollars and spend them by card, some of those layers could disappear.

Card acceptance is broad thanks to Visa’s network. Still, users need reliable ways to get money into the wallet in the first place, and they need to trust a newer fintech with their savings.

For the fintech and payments industry, the five-week timeline is a notable signal. If Stripe’s stack lets a focused startup ship a stablecoin-linked card in a little over a month, the barrier to entry has dropped.

Stablecoin regulation is still evolving, and prepaid programs depend on bank partners and program managers staying comfortable with the arrangement.

An advertised rate of up to 2.99% APY is attractive to users accustomed to earning nothing on their balances.

For miPlata specifically, the test is adoption. Getting underserved users across 16 countries to trust it with their paychecks is the harder, slower job. That is where the company’s focus on usability and multilingual support will be put to work.