Mastercard is partnering with a stable-coin: Everything you need to know.

In a major move towards widespread acceptance of cryptocurrency, Mastercard and its partner retailers have joined forces to offer customers in the APAC region unprecedented access to spend their stable-coins wherever Mastercard is accepted.

Mastercard, a prominent international payment provider, is rolling out their digital wallet integration with the Australian stable-coin platform Stables to empower users with more secure and reliable transactions.

On March 20, Mastercard and Stables revealed an exciting collaboration that will enable retail consumers in the Asia-Pacific region to utilise their stable-coins while making purchases anywhere they can use a Mastercard.

Stables and Mastercard are teaming up to make a stable-coin-only wallet for users, complete with its own payment card. This card will allow customers to save and spend their USD Coin via conversions from digital currency into fiat money that is deposited onto Mastercard’s network. The entire system can be accessed through the Stables app on mobile wallets, creating an effortless experience for all involved!

Kallan Hogan, Mastercard Australasia’s Head of Fintech, says that the company’s partnership with Stables marks a milestone in Web3 adoption.

“Mastercard is committed to powering innovative payment solutions that give cardholders the freedom to spend their assets where, how, and when they want,” Hogan said, adding:

“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.”

By the second quarter of 2023, Stables co-founder and chief operating officer Daniel Li declared that users will be able to access a Mastercard-powered digital wallet. This secure stable-coin card will initially become available in Australia and then expand across Europe, America, England and the rest of Asia Pacific.

Using its own settlement engine, Stables processes all payments with USDC and directly links to Mastercard. This wallet accepts a variety of stable-coins such as Tether and Binance, but users don’t have to worry about any fees since it converts deposits.

Despite the recent hiccups with Silvergate Bank, Li reports that Stables remains positive about USDC’s prospects. The COO declared:

“Stable-coins will play a pivotal role in the new financial system and will be core to bridging the worlds of traditional and decentralised finance. Stables will continue to work with USDC and Circle as a pivotal part of that ecosystem.”

In addition to cryptocurrency, users can also fill up their balances by using bank transfers, direct debit and other types of payment according to Li. At launch, Stables supports deposits and withdrawals in the Australian dollar; integrations for U.S., euro (the British pound), as well as currencies from Asia-Pacific countries, Latin America and Africa are imminent.

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