The system will launch a cryptocurrency card with support for the Stables platform.
Mastercard has announced a partnership with Australian stablecoin platform Stables to provide USDC payments in the APAC (Asia Pacific) region. Such an agreement allows you to connect the Stables crypto wallet, which supports only stablecoins, to the new Mastercard card.
As a result, users will be able to pay at any outlets that support Mastercard. Funds will be debited from the balance of the Stables crypto wallet with automatic conversion to USDC.
Mastercard Australia Head of Fintech Callan Hogan 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.”
In turn, the co-founder and CEO of Stables Erez Rahamim noted that this agreement was caused by the need to create simple and affordable means for using digital assets.
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First, Mastercard payments in USDC will be launched in Australia, later this payment method is planned to be added in Europe, the USA, the UK and most of the Asia-Pacific region. When using the Stables wallet, you can also place deposits in other stablecoins such as Tether (USDT) and Binance USD (BUSD). However, all deposits are automatically converted into USDC without commission. The integration is expected to go live in June, in the second quarter of 2023.
