For clients in the Asia-Pacific (APAC) area to use their stablecoins anywhere Mastercard is accepted, leading payment provider Mastercard has teamed with Australia’s stablecoin platform Stables. The Stables virtual prepaid card, which the two businesses are developing, will let customers utilize their stablecoin balance for regular purchases.
Users of cryptocurrencies must take their stablecoins from their wallet to an exchange to have them converted to fiat, which must then be transferred to their bank account. This procedure could take several days.
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With the conversion of digital currency into cash and settlement of the transaction on the Mastercard network, the new prepaid payment card will enable users to store and purchase in the USD Coin stablecoin.
The digital wallet will allow deposits made in a variety of stablecoins, and all of them will be free of charge USDC conversions afterward.
According to Stables co-founder and COO Daniel Li, customers in Australia will be able to access the Mastercard-enabled wallet interface in the second quarter of 2023. The majority of Asia Pacific, Europe, the United States, and the United Kingdom will follow.
The Stables virtual prepaid card’s benefits were highlighted by Stables, who claimed that the card would increase autonomy, reveal the true value of stablecoins by letting users use them like cash on regular purchases, and “allow both banked and unbanked consumers to retain their significance from rising prices in their local currency.”
“Stables is building a solution for the Web3 sector Leveraging Mastercard’s global network and hacking and intelligence tools, such as CipherTrace and Ekata, with confidence and safety at the core,” said Kallan Hogan, Vice President of Business Development and Head of Fintech, Australasia, of Mastercard.