Mastercard and Stables Collaborate on APAC Digital Payments

Mastercard has joined forces with the Australian stablecoin platform Stables to introduce a stablecoin digital wallet integration. This collaboration, unveiled on March 20, will allow retail customers in the Asia-Pacific (APAC) region to utilize their stablecoins wherever Mastercard is accepted. The partnership features a stablecoin-exclusive wallet created by Stables, which will include a payment card powered by Mastercard. This card enables users to save and utilize the USD Coin (USDC) stablecoin by converting the digital currency into fiat and settling on Mastercard’s infrastructure.

The wallet will be accessible via the Stables digital application on mobile devices, with integration expected to be available to users in Q2 2023. Initially, the stablecoin digital Mastercard will serve users residing in Australia, before expanding to Europe, the United States, the United Kingdom, and most of the Asia Pacific. The payment solution will utilize Stables’ proprietary settlement engine, which processes all transactions with USDC and collaborates directly with Mastercard to facilitate settlements. Additionally, the wallet will support deposits in multiple stablecoins, including the competing stablecoin Tether (USDT), with all deposits being automatically converted to USDC without any fees.

Kallan Hogan, the Head of Fintech at Mastercard Australasia, remarked that the collaboration with Stables marks a significant step for Web3 adoption. Hogan stated, “Mastercard is dedicated to empowering innovative payment solutions that provide cardholders the flexibility to spend their assets wherever, however, and whenever they desire. Stables is developing a solution for the Web3 realm, leveraging Mastercard’s global network and cybersecurity and intelligence tools such as CipherTrace and Ekata, with trust and security as fundamental elements.”

Daniel Li, co-founder and COO of Stables, confirmed that the integration of the Mastercard-enabled wallet will be available for users starting in the second quarter of 2023. He also mentioned that the wallet will facilitate deposits and withdrawals in the Australian dollar, with plans for future integrations to include the US dollar, euro, British pound, and currencies from the APAC, Latin America, and Africa. Users will have the option to add to their balances through bank transfers, direct debits, and various other payment methods.

Li conveyed his optimism regarding the future of USDC, despite recent challenges related to the collapse of Silvergate Bank. He remarked, “Stablecoins will be instrumental in the emerging financial system and will be integral in linking traditional finance with decentralized finance. Stables will persist in collaborating with USDC and Circle as a crucial part of that ecosystem.”

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