Mastercard is making a daring move in the world of digital currencies, announcing a collaboration with the Australian stablecoin platform, Stables. This partnership will enable retail customers in the Asia-Pacific (APAC) region to spend their stablecoins anywhere Mastercard is accepted – opening the door to a new era of financial freedom.
With stablecoins representing over 3.6% of the total cryptocurrency market cap, the collaboration between Mastercard and Stables highlights the growing influence of stablecoins in the global economy. The partnership brings a stablecoin-only wallet created by Stables, accompanied by a payment card supported by Mastercard. The card allows users to save and spend the USD Coin (USDC) stablecoin by converting the digital currency into fiat and settling on Mastercard’s network. Users can access the card through the Stables digital application via mobile wallets.
Kallan Hogan, Mastercard Australasia’s head of fintech, said that the collaboration with Stables is a significant development in terms of Web3 adoption. “Mastercard is committed to powering innovative payment solutions that give cardholders the freedom to spend their assets where, how, and when they want,” Hogan added.
The Mastercard-enabled wallet integration will be available for users in Q2 2023. Initially available for users based in Australia, the stablecoin digital Mastercard is planned to enter Europe, the United States, the United Kingdom, and most of the APAC region. The wallet also accepts deposits in other stablecoins, including Tether (USDT) and Binance USD (BUSD), which are automatically converted into USDC at no cost.
According to Stables’ COO, Daniel Li, the wallet will integrate with traditional financial systems, allowing users to top up their balances using bank transfers, direct debit, and other modes of payment. At launch, Stables will support deposits and withdrawals in the Australian dollar, with plans to include the U.S. dollar, euro, the British pound, and currencies from the APAC, Latin America, and Africa in the future.
This collaboration between Mastercard and Stables signifies a crucial step towards bridging the gap between traditional finance and decentralized finance (DeFi). As stablecoins continue to gain traction, innovative payment solutions like this partnership are set to redefine the way people transact and manage their assets in the digital age.