Thredd has been chosen by Cashi to provide the issuer processing infrastructure for a new stablecoin spending and cashback card programme that has launched in Hong Kong. Cashi’s app is designed for everyday payments, letting users hold and send digital assets and spend through a Cashi card on purchases such as groceries, subscriptions, online shopping and travel. The initial rollout includes virtual Visa cards and Google Pay, with the company planning to expand into Mexico in late 2026, where it also intends to introduce physical cards and Apple Pay. The Hong Kong launch is positioned as a starting point for taking the stablecoin card programme into additional markets.