Mastercard Partners with Australian Platform Stables for Stablecoin Wallet and Card Integration.
Global payment provider Mastercard has teamed up with the Australian stablecoin platform, Stables, to launch a digital wallet integration specifically for stablecoins. The collaboration aims to enable retail customers across the Asia-Pacific (APAC) region to spend their stablecoins wherever Mastercard is accepted.
Stables has developed a wallet exclusively for stablecoins, which includes a Mastercard-supported payment card. This card allows users to store and spend USD Coin (USDC) stablecoin by converting the digital currency into fiat and settling it on Mastercard’s network. The card will be accessible through the Stables digital application via mobile wallets.
Kallan Hogan, Head of Fintech at Mastercard Australasia, views this collaboration with Stables as a significant milestone in the adoption of Web3. He emphasized that Mastercard is dedicated to providing innovative payment solutions that offer cardholders the flexibility to spend their assets as they desire. Stables, in partnership with Mastercard, is building a solution for the Web3 sector by leveraging Mastercard’s global network, cyber and intelligence tools, such as CipherTrace and Ekata, with a strong focus on trust and security.
Stables’ co-founder and CEO, Daniel Li, revealed that the Mastercard-enabled wallet integration will become available for users in the second quarter of 2023. Initially, the stablecoin digital Mastercard will be accessible to users based in Australia, with plans to expand into Europe, the United States, the United Kingdom, and most of the Asia-Pacific region.
“Stablecoins will play a pivotal role in the new financial system and will be core to bridging the worlds of traditional and decentralized finance. Stables will continue to work with USDC and Circle as a pivotal part of that ecosystem.”
Cointelegraph
The payment solution employs Stables’ proprietary settlement engine, which processes all payments using USDC and works directly with Mastercard for settlement. Additionally, the wallet will accept deposits in various stablecoins, including Tether (USDT) and Binance USD (BUSD), automatically converting them into USDC at no extra cost.
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