Mastercard, the global payment provider, has teamed up with the Australian stablecoin platform Stables to launch a stablecoin digital wallet integration. The collaboration, announced on March 20, will enable retail customers in the Asia-Pacific (APAC) region to spend their stablecoins anywhere Mastercard is accepted. The partnership will involve a stablecoin-only wallet developed by Stables, which will be accompanied by a payment card supported by Mastercard. This card will allow users to save and spend the USD Coin (USDC) stablecoin by converting the digital currency into fiat and settling on Mastercard's network.
The wallet will be accessible through the Stables digital application via mobile wallets, with the integration set to become available to users in Q2 2023. Initially, the stablecoin digital Mastercard will be available for users based in Australia and will then be rolled out to Europe, the United States, the United Kingdom, and most of the Asia Pacific. The payment solution will deploy Stables' proprietary settlement engine, which processes all payments using USDC and works directly with Mastercard to enable settlement. At the same time, the wallet will accept deposits in a number of stablecoins, including rival stablecoin Tether (USDT), but all the deposits will be automatically converted into USDC at no cost.
According to Mastercard Australasia's Head of Fintech, Kallan Hogan, the company's collaboration with Stables is a significant development in terms of Web3 adoption. Hogan stated, "Mastercard is committed to powering innovative payment solutions that give cardholders the freedom to spend their assets where, how, and when they want. Stables is building a solution for the Web3 sector leveraging Mastercard's global network and cyber and intelligence tools, including CipherTrace and Ekata, with trust and security at the core."
Stables' co-founder and Chief Operating Officer, Daniel Li, confirmed that the Mastercard-enabled wallet integration will become available for users in the second quarter of 2023. He also stated that the wallet will accept deposits and withdrawals in the Australian dollar, with additional integrations set to include the US dollar, euro, British pound, as well as currencies from the APAC, Latin America, and Africa. Users can top up their balances using bank transfers, direct debit, and other modes of payment.
Li expressed his confidence in USDC's future, despite recent issues involving the collapse of Silvergate Bank. He commented, "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."
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