Global payments provider Mastercard launches stablecoin digital wallet integration with Australian stablecoin platform Stables.
Mastercard and Stables on March 20 announced a collaboration to allow retail customers in the Asia-Pacific (APAC) region to spend stablecoins wherever Mastercard accepts them.
The collaboration includes a stablecoin-only wallet built by Stables, coming with a payment card supported by Mastercard. The payment card allows users to save and spend stablecoin USD Coin (USDC) by converting the digital currency to fiat and settling on the Mastercard network. The card will be accessible through the Stables digital app through the mobile wallet.
According to Mastercard Australasia’s head of fintech, Kallan Hogan, the company’s collaboration with Stables is a significant development in 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,” said Hogan, adding:
“Stables is building solutions for the Web3 sector that leverage Mastercard’s global network and cyber and intelligence tools, including CipherTrace and Ekata, with trust and security at the core.”
Wallet integration with Mastercard will be available to users in the second quarter of 2023, Stables co-founder and CEO Daniel Li told Cointelegraph. Mastercard’s digital stablecoin will be available to users based in Australia and later plans to enter Europe, the United States, the United Kingdom and most of Asia Pacific.
The payment solution deploys Stables’ proprietary settlement engine that processes all payments using USDC and works directly with Mastercard to enable settlements, Li said. At the same time, the wallet will accept deposits in several stablecoins, including rival stablecoin Tether (USDT) and Binance USD (BUSD), but all deposits will be automatically converted to USDC at no cost.
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According to Li, Stables is confident about the future of USDC despite the recent problems that led to the collapse of Silvergate Bank. The CEO said:
“Stablecoins will play an important role in the new financial system and will be at the core to reconcile the world of traditional and decentralized finance. Stables will continue to work with USDC and Circle as an important part of the ecosystem.
In addition to crypto, users can also increase their balance using bank transfer, direct debit and other payment methods, Li said. At launch, Stables supports Australian dollar deposits and withdrawals, with future integrations including US dollars, euros, British pounds, as well as currencies from APAC, Latin America and Africa.