The Stables platform has introduced its new virtual card, allowing stablecoin payments in all outlets that accept Mastercard. Initially available in Australia, this solution aims to expand to the rest of the world
Stables announces its virtual Mastercard to pay in stablecoins
Stables, a wallet specializing in stablecoins, has unveiled a partnership with Mastercad and Circle, to allow wallet assets to be spent anywhere the payment solutions giant is accepted:
We’ve partnered with @Mastercard and @circle to allow people to spend $USDC anywhere Mastercard is accepted – that’s over 54 million locations worldwide! pic.twitter.com/KE8PS0BEOz
– Stables (@stables_money) March 21, 2023
The stablecoins involved are USDC, USDT, DAI and FRAX from the following networks:
- Ethereum (ETH);
- Arbitrum (ARB);
- Optimism (OP);
- Polygon (MATIC);
- Avalanche (AVAX);
- BNB Smart Chain.
To enable payments, these stablecoins will be automatically converted into USDC on Polygon at no cost initially.
If such solutions already exist in the competition as the Visa card of Binance, it is interesting to see these products democratize, thus facilitating the payment in cryptocurrencies without friction, either for the seller or the buyer.
A first launch in Australia
In order to offer its Mastercard virtual payment card, Stables has hired the services of Marqeta, a NASDAQ listed CB issuer. Initially, this solution will be available in Stables’ home country of Australia, before expanding to other regions of the world.
The new services are expected to be operational in the second quarter of this year, according to a statement to Cointelegraph. For his part, Erez Rachamim, CEO and co-founder of Stables, expressed his pride in the product:
Stables is committed to expanding what is possible with stablecoins, giving people more flexibility and choice in their payment habits. With the growing demand for digital assets, we’re excited to work with Marqeta to develop a card that allows for more seamless spending on everyday items. “
In addition, it will also be possible to reload this card with fiat currencies. Only with Australian dollars at first, then with euros, dollars, pounds sterling as well as other Asian, African or Latin American currencies.
