Mastercard and Stables introduce first APAC stablecoin-only wallet

Stables, an Australian cryptocurrency wallet, has launched an innovative partnership with Mastercard to provide the first stablecoin-only wallet with a payment card for daily spending in Asia. 

Customers can exchange their stablecoins for U.S. dollars or other fiat currencies and use those funds everywhere Mastercard is accepted. This comes after Mastercard made several moves into blockchain technology.

Stables’ payment gateway

To facilitate clients’ ability to store and spend USDC, Stables will work with a third party to convert USDC to currency and settle transactions on the Mastercard network. Thanks to the Stables digital app, which can be accessed via mobile wallets, customers will have more options for using their digital assets in the real world.

Stables, a payment gateway, will enable instant USDC transactions by providing digital asset custody technology that are ISO and SOC2 certified.

Recent worldwide research by Marqeta found that 82% of digital asset holders are interested in utilizing a debit card to spend on cryptocurrencies, and 55% of APAC consumers would feel more comfortable investing in crypto or digital currencies supported by trustworthy organizations.

Stables allows cryptocurrency owners make instant purchases from online stores and other businesses using stablecoins.

Remarks from executives

Erez Rachamim, co-founder and chief executive officer of Stables, praised the move as a watershed moment in developing cryptocurrencies in the Asia-Pacific market since it gives individuals an easy and accessible way to derive real-world value from their digital assets. He said that stability, regulatory compliance, and consumer protection are all reflected in the new payment system.

Kallan Hogan, VP of business development and head of fintech, Australasia at Mastercard, said that the business is dedicated to fueling new payment solutions that give cardholders the flexibility to spend their money whenever and whenever they see fit.

Trust and security are at the heart of the Stables payment solution for the web3 industry, which uses Mastercard’s worldwide network and cybersecurity and intelligence solutions like CipherTrace and Ekata.

Tony Tao, CTO of Stables, agreed that this was a great chance to expand the company’s reach in the industry and increase the firm’s profile. He underlined that the new approach is timely since 80% of digital asset holders want to use their holdings in the real world.

Stables’ stablecoin-only wallet is powered by Mastercard, allowing holders of digital assets to deal securely in the real world. This gives holders of digital assets more freedom and options in how they utilize their holdings.