Mastercard Partners with Stablecoin Platform Stables
Mastercard has reached an agreement with Australia-based platform Stables so that retail customers in the Asia-Pacific region can use their stablecoins for payments via Mastercard. As part of this agreement, Stables will issue a Mastercard-backed debit card, allowing users to use their USD Coin (USDC) assets for purchases. The company has also developed a new digital wallet containing only stablecoins to support this debit card.
Stables’ stablecoin wallet also supports other popular fixed assets USDT and BUSD, so users can store other fixed assets in their wallets. In addition, stable crypto deposits will be free and automatically converted to USDC.
The application is expected to be implemented by the end of the second quarter of the year. Fixed crypto money payment transactions will be made available for purchases in Australia first, and later in Asia-Pacific countries. While it is thought that the widespread use of the application will have an effect that will increase the use of fixed crypto money, it is mentioned that similar applications may be implemented in other continents in the future. Thus, stablecoins could reach an important milestone to increase their market share in payments as an alternative to fiat currencies.
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