The digital payment solution will process all transactions with USDC
The Australians will soon be able to pay in stablecoins at locations wherever Mastercard is accepted. Stables, Australian digital wallet provider, announced a partnership with Mastercard payment system and Circle, USDC issuer.
The Stables wallet supports fiat currencies and stablecoins, and will provide integration for digital Mastercard debit card, allowing users to pay with USDC in over 54 million locations worldwide.
Another player in the processing chain is a card issuing platform, Marqeta, that will power the new Stables prepaid card, enabling users to convert stablecoins into fiat and spend wherever Mastercard cards are accepted online and in-store globally. The transaction will be authorised at the point-of-sale based on user’s available stablecoin balance.
All card payments will be processed in USDC. At the same time, the Stable wallet will accept deposits in several coins, including USDT, DAI and FRAX, which will be automatically converted into USDC at no cost.
According to Mastercard Australasia’s head of fintech, Kallan Hogan, the company’s collaboration with Stables is a significant development in terms of 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.
The stablecoin digital Mastercard will be initially available for users based in Australia with later plans to enter Europe, the United States, the United Kingdom and most of Asia Pacific.