Mastercard has unveiled a new partnership with Stables, an Australian stablecoin platform, that will enable users to pay directly with stablecoins through a new Mastercard.
The card will be linked to the Stables wallet, which exclusively supports stablecoins, and can be used at any retail location that accepts Mastercard.
Payments will be deducted from the balance of the Stables crypto wallet and automatically converted into USDC, with the virtual Mastercard set to be available in the second quarter of 2023.
Kallan Hogan, Head of FinTech at Mastercard Australia, highlighted the company’s commitment to providing innovative payment solutions that offer greater flexibility to consumers.
The Stables platform uses advanced analytical tools, including CipherTrace and Ekata services, to ensure security and trust for users.
The service will initially launch in Australia, with plans to expand to Europe, the USA, Great Britain, and most countries in the Asia-Pacific region in the future.
While the Stables wallet supports other stablecoins such as USDT and BUSD, payments made with the Mastercard will be converted into USDC without commission.
The card will also support a range of fiat currencies, with support for additional currencies to be added later. In addition to this partnership, Mastercard also announced plans to launch a cryptocurrency debit card in Mexico with Bitso exchange earlier this year.