Jump Capital-backed stablecoin wallet Stables rolls out services in Europe

Australian stablecoin startup Stables is launching its services in Europe as part of its new partnership with Mastercard.

Stables, a stablecoin wallet startup, is launching its services in Europe through a new partnership with Mastercard. In a Monday announcement, Stables revealed that users can now make contactless in-store and online payments via Apple Pay and Google Pay across Mastercard’s global network of merchants.

The startup, which holds a Virtual Asset Service Provider (VASP) license in the European Union, sees the latest collaboration as a significant step. Stables co-founder Bernardo Bilotta says the partnership is crucial for advancing new products “in the realm of stablecoin-based solutions.”

The company says stables’ decision to enter the European market is driven by growing stablecoin adoption. Businesses are increasingly using stablecoins for transactions such as paying employees or vendors. The company highlighted that the stablecoin industry is “ripe with opportunity,” estimating around $10 trillion worth of stablecoins to be settled on-chain annually.

Founded in 2021 by Erez Rachamim, Daniel Li, Tony Tao, Peter Duan, David Nichols, and Bernardo Bilotta, Stables raised a total of $3.75 million in seed funding in 2022 from multiple investors, including Jump Capital, 0x Ventures, Parsiq, and Gate.io. The funds were earmarked for developing the company’s backend infrastructure.