Global payments provider Mastercard is launching a stablecoin digital wallet integrated with Australian stablecoin platform Stables.
Mastercard and Stables announced a partnership on March 20 to allow retail customers in the Asia Pacific (APAC) region to spend their stablecoins anywhere Mastercard is accepted.
The collaboration involves a stablecoin-only wallet built by Stables, with an accompanying payment card backed by Mastercard. Payment Card Enables Users to Save and Spend USDC earned by converting digital currencies into fiat currency and settling on Mastercard's network. The card is accessible through the Stables digital app through the mobile wallet.
According to Kallan Hogan, Head of Fintech at Mastercard Australasia, the company’s partnership with Stables is a significant development in Web3 adoption. “Mastercard is committed to driving innovative payment solutions that give cardholders the freedom to spend their assets where, how and when they want,” Hogan said, adding:
"Stables is building solutions for the Web3 sector that leverage Mastercard's global network and network and intelligence tools, including CipherTrace and Ekata, with trust and security at its core." Stables co-founder and COO Daniel Li told Cointelegraph that wallet integration supporting Mastercard will be available to users in the second quarter of 2023. The stablecoin digital Mastercard will first be available to users in Australia, with plans to roll out to Europe, the US, the UK and much of the Asia-Pacific region. The payment solution deploys Stables’ proprietary settlement engine, which processes all payments in USDC and works directly with Mastercard for settlement, Li said. Meanwhile, the wallet will accept deposits in a variety of stablecoins, including rival stablecoin Tether and Binance Dollar, but all deposits will be automatically converted to USDC for free.
Li said Stables is confident in USDC’s future despite recent issues involving the Silvergate bank collapse. The COO stated: “Stablecoins will play a key role in the new financial system and will be at the heart of bridging the worlds of traditional and decentralized finance. Stables will continue to work with USDC and Circle as a key part of this ecosystem.”
In addition to cryptocurrencies, users can top up their balances using bank transfers, direct debits and other payment methods, Lee said. At launch, Stables supports AUD deposits and withdrawals, with upcoming integrations including USD, EUR, GBP, as well as currencies from Asia Pacific, Latin America and Africa.
