Mastercard Inc (NYSE:MA) partnered with the Australian stablecoin platform, Stables, to launch a stablecoin digital wallet integration that will allow retail customers in the Asia-Pacific (APAC) region to spend their stablecoins anywhere Mastercard is accepted.
The collaboration includes a stablecoin-only wallet developed by Stables, accompanied by a payment card supported by Mastercard, which will allow users to save and spend the USD Coin (CRYPTO: USDC) stablecoin by converting it into fiat and settling on Mastercard's network.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
The wallet will be available through the Stables digital application via mobile wallets.
The integration, which is set to launch in the second quarter of 2023, will initially be available to users based in Australia and will later be introduced to Europe, the U.S., the U.K., and most of the Asia Pacific.
Also Read: Bitcoin's Bull Run Is Unstoppable: 5 Experts Forecast Next Highs, Factors Driving the Market
According to Erez Rachamim, co-founder and CEO of Stables, in this current financial climate, where the boundaries between CeFi and DeFi are becoming increasingly blurred, people are turning to stablecoins as a symbol of crypto’s inherent value.
"It is evident that stablecoins are a critical part of the overall crypto ecosystem — their speed, privacy, and accessibility can’t be denied," Rachamim told Benzinga.
Want Private Access to Benzinga Analyst?
Check out the latest strategies our team of experts are using every week so that you can always adapt to the market like the pros!—Get FULL Access to This Week's Webinar Here.
The wallet will also accept deposits in a number of stablecoins, including Tether (CRYPTO: USDT) and Binance USD (CRYPTO: BUSD), with all deposits automatically converted into USDC at no cost.
Regarding the collaboration, Mastercard Head of Fintech Australasia Kallan Hogan said, "This is a significant development in terms of Web3 adoption."
In addition to crypto, users can also top up their balances using bank transfers, direct debit and other modes of payment.
At launch, Stables supports deposits and withdrawals in the Australian dollar, with upcoming integrations that will include the U.S. dollar, euro and the British pound, as well as currencies from APAC, Latin America and Africa.
Read Next: France Goes Crypto-Friendly As Stablecoin Giant Circle Sets Up Shop In Paris
Photo: TippaPatt via Shutterstock