Global payment provider Mastercard has partnered with Australian stablecoin platform Stables to launch a stablecoin digital wallet integration. The collaboration will allow retail customers in the Asia-Pacific region to spend their stablecoins anywhere Mastercard is accepted.
The wallet is built by Stables and comes with a payment card supported by Mastercard, enabling users to save and spend the USD Coin (USDC) stablecoin by converting it into fiat and settling on Mastercard's network. The card will be accessible via the Stables digital application through mobile wallets.
According to Mastercard Australasia’s head of fintech, Kallan Hogan, this partnership is a significant development in terms of Web3 adoption. The Mastercard-enabled wallet integration will become available for users in the second quarter of 2023, initially in Australia, followed by Europe, the United States, the United Kingdom, and most of the Asia-Pacific region.
Stables' proprietary settlement engine will process all payments using USDC and work directly with Mastercard to enable settlement. The wallet will accept deposits in a number of stablecoins, including Tether (USDT) and BUSD, but all deposits will be automatically converted into USDC at no cost.
Users can also top up their balances using bank transfers, direct debit, and other modes of payment, with support for a range of currencies coming soon. According to Stables' COO, stablecoins will play a pivotal role in the new financial system, and the company will continue to work with USDC and Circle as a pivotal part of that ecosystem.
The collaboration between Mastercard and Stables is a significant step toward the mainstream adoption of stablecoins and Web3 technology, providing users with greater flexibility and security when spending digital assets.
