Mastercard, a leading global payment provider, has partnered with the Australian stablecoin platform Stables to launch a stablecoin digital wallet integration. This collaboration will enable retail customers in the Asia-Pacific (APAC) region to spend stablecoins conveniently.
Stables has developed a stablecoin-only wallet integrated with a payment card supported by Mastercard. Users can save and spend the USD Coin stablecoin by converting the digital currency into fiat and settling on Mastercard’s network. The payment card will be accessible via mobile wallets through the Stables digital application.
Kallan Hogan, head of fintech at Mastercard Australasia, stated that the collaboration with Stables is a significant development in Web3 adoption. He added that Mastercard is committed to powering innovative payment solutions that allow cardholders to spend their assets where, how, and when they want.
The Mastercard-enabled wallet integration will be available for users in the second quarter of 2023. The stablecoin digital Mastercard will initially be available for users based in Australia and is then planned to enter Europe, the United States, the United Kingdom and most of Asia Pacific.
Stables’ proprietary settlement engine processes all payments using USDC and works directly with Mastercard to enable settlement. The wallet will accept deposits in several stablecoins, including rival stablecoin Tether and Binance USD, but all deposits will be automatically converted into USDC at no cost.
According to Stables’ Daniel Li, stablecoins will play a pivotal role in the new financial system and will be core to bridging the worlds of traditional and decentralized finance.
Despite the recent issues involving the collapse of Silvergate Bank, Stables is confident in USDC’s future and will continue to work with USDC and Circle as a pivotal part of that ecosystem.
Users can also top up their balances using bank transfers, direct debit, and other modes of payment. At launch, Stables supports deposits and withdrawals in the Australian dollar, with soon-to-come integrations including the U.S. dollar, euro, the British pound, and currencies from the APAC, Latin America, and Africa.
The Mastercard-Stables collaboration is set to revolutionize the payment landscape in the APAC region, offering customers a safe, secure, and user-friendly way to access and spend their stablecoins.
As the adoption of stablecoins and Web3 continues to grow, it is expected that more payment providers will follow suit in integrating stablecoins into their payment systems.