Recently, global payments provider Mastercard launched its stablecoin digital wallet integration with the Australian stablecoin platform, Stables. Mastercard and Stables on March 20 announced a collaboration that will enable retail customers in the Asia-Pacific region (APAC) to spend their stablecoins wherever Mastercard is accepted.
What kind of features are available in the stablecoin digital wallet?
Mastercard x Stables, What’s the Collaboration Like?
According to Cointelegraph, the collaboration involves a dedicated stablecoin wallet created by Stables, which comes with a Mastercard-supported payment card.
This payment card allows users to store and spend the stablecoin USD Coin (USDC) by converting the digital currency to fiat and settling on the Mastercard network. The card can be accessed via the Stables digital app via a mobile wallet.
According to Mastercard Australasia’s head of fintech, Kallan Hogan, the company’s collaboration with Stables is a significant development in terms of Web3 adoption. “Mastercard is committed to supporting innovative payment solutions that give cardholders the freedom to spend their assets where, how, and when,” said Hogan, quoted from Cointelegraph. “Stables builds solutions for the Web3 sector by leveraging Mastercard’s global network and cyber intelligence tools, including CipherTrace and Ekata, with trust and security in mind,” added Hogan.
Stablecoin and Mastercard Wallet Integration Will Be Available In Q2 2023
Stables co-founder and CEO Daniel Li said the Mastercard-enabled wallet integration will be available to users in Q2 of 2023. The stablecoin digital Mastercard will initially be available to users based in Australia and then plans to enter Europe, the United States, the United Kingdom and most of Asia Pacific.
This payment solution uses Stables’ proprietary settlement engine which processes all payments using USDC and works directly with Mastercard to make settlements possible. At the same time, the wallet will accept deposits in a number of stablecoins, including rival stablecoins Tether (USDT) and Binance USD (BUSD), but all deposits will be automatically converted to USDC at no cost.
Stables CEO, Daniel Li, Confident In The Future Of USDC
According to Daniel Li, Stables is confident in the future of USDC despite the recent troubles involving the collapse of Silvergate Bank.
Why is Li so sure about the future of USDC?
“Stablecoins will play an important role in the new financial system and will be the core to bridge the world of traditional and decentralized finance. Stables will continue to work closely with USDC and Circle as an important part of the ecosystem,” said Li.
Apart from crypto, users can also top up their balances using bank transfers, direct debits and other modes of payment. At launch, Stables supported deposits and withdrawals in Australian dollars, with integrations coming soon including US Dollars, Euros, British Pounds, as well as currencies from Asia Pacific, Latin America, and Africa.