Mastercard has announced its collaboration with Stables, an Australian stablecoin platform, to launch a new card that allows payments to be made directly with stablecoins. This new Mastercard will be linked to the Stables wallet, which only supports stablecoins, and will enable users to pay at any merchant that accepts Mastercard cards. All transactions will be debited from the balance of the Stables crypto wallet, and automatic conversion to USDC will take place.
Here are some key highlights of the partnership:
- Mastercard has partnered with Australian stablecoin platform Stables to launch a card that enables users to pay with stablecoins.
- The new Mastercard will be connected to the Stables wallet, which only supports stablecoins.
- Funds will be debited from the balance of the Stables crypto wallet with automatic conversion to USDC.
- A virtual Mastercard with integrated support for Stables is expected to appear in Q2 2023.
- Initially, the card will only be available for Australian residents, but later it will be extended to Europe, the USA, Great Britain and most of the countries of the Asia-Pacific region.
- Payments will be made in USDC and will work directly with the Mastercard payment network.
- The Stables wallet will support other stablecoins, including USDT and BUSD, however, when making payments, they will be converted into USDC, and without commission.
- Support for replenishment through a bank and other methods will be available.
Commenting on the partnership, Kallan Hogan, Head of FinTech at Mastercard Australia, said, “Mastercard is committed to delivering innovative payment solutions that give cardholders the freedom to spend their assets where, how and when they want. Stables is building a solution for the Web3 sector using Mastercard’s global payment network. The platform also uses various analytical tools, including CipherTrace and Ekata services to ensure trust and security.”
As a result of this partnership, Stables users will now have more options to spend their stablecoins in the real world, making cryptocurrencies more accessible and practical for everyday use.