Stablecoin wallet integration launches in APAC

Stablecoin wallet mastercard

Australian stablecoin wallet, Stables, has launched an Asia Pacific-first digital wallet integration solution after partnering with Mastercard, allowing customers to convert stablecoins into fiat currency that can be spent using Mastercard cards.

Through a third-party partnership, customers will be able to spend and save in USDC which can also be converted to fiat and used on Mastercard’s card network. The card will also be accessible through the Stables digital app and mobile wallets.

“As adoption for digital assets increases across the globe, people are requiring simple and accessible means to get utility from their digital assets in the real world,” Stables co-founder & CEO Erez Rachamim, said.

“We’re thrilled to be collaborating with Mastercard for our customers to access its global network to spend as we progress on our journey to transform digital asset payment offerings available.

“The objective of this innovative payment system is in line with the principles we share with Mastercard of stability, regulatory compliance, and consumer protection. Stables is expanding what’s possible with stablecoins to give people even greater choice and flexibility in how they transact.”

The announcement comes after a global survey conducted by Marqueta found 82 per cent of digital asset holders are interested in using a debit card that allows them to spend cryptocurrency like fiat currency.

“Customers spend as they usually would using stablecoins, with transactions then settled by Stables’ payment gateway enabling real-time transactions using USDC,” Rachamim said.

“Conversion and settlement occur behind the scenes, secured with ISO and SOC2 certified digital asset custody technology provider Fireblocks, thus enabling users to checkout as they normally would with a debit card.”

Kallan Hogan, Vice President of Business Development and Head of Fintech, Australasia at Mastercard, said the launch is proof of the financial services company’s commitment to backing “innovative payment solutions” that allow cardholders 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.”