Mastercard and Stables on March 20 announced a collaboration to allow retail customers in the Asia-Pacific (APAC) region to spend their stablecoins anywhere Mastercard is accepted.
The collaboration involves a stablecoin-only wallet built by Stables, coming with a payment card supported by Mastercard. The payment card enables users to save and spend the USD Coin
USDC tickers down $1.00 stablecoin by converting the digital currency into fiat and settling on Mastercard’s network. The card will be accessible through the Stables digital application via mobile wallets.
The stablecoin digital Mastercard will be initially available for users based in Australia and is then planned to enter Europe, the United States, the United Kingdom and most of Asia Pacific.
The payment solution deploys Stables’ proprietary settlement engine that processes all payments using USDC and works directly with Mastercard to enable settlement.
Stables supports deposits and withdrawals in the Australian dollar, with soon-to-come integrations including the U.S. dollar, euro, the British pound, as well as currencies frothe APAC, Latin America and Africa.