MasterCard has announced a partnership with an Australian stablecoin platform, Stables to launch a stablecoin wallet for customers in the Asia-Pacific (APAC) region.
The payment giant noted that the stablecoin wallet will only support deposits and withdrawals via the Australian Dollar at launch.
Speaking on the development, Stables co-founder and CEO Daniel Li stated that Mastercard’s stablecoin wallet will be available for users in the second quarter of 2023. He added that the stablecoin wallet will later support the United States Dollar, British Pounds, and Euro as well as currencies in Latin America and Africa.
While anticipating the launch, Li disclosed that stablecoin has the potential to improve the financial system. “Stablecoins will play a pivotal role in the new financial system and will be core to bridging the worlds of traditional and decentralized finance,” he said.
Li further added that users will be able to top up their balance using bank transfer, direct debit and other modes of payment.
Meanwhile Mastercard Australia’s head of fintech, Kallan Hogan said that the company is committed to providing innovative payment solutions that will give users the freedom to spend their assets when, how, and where they want.
Investors King understands that a partnership involving a reputable payment company such as MasterCard will be a positive sentiment, especially after the debacle that befell USDC. Recall that USDC fell below the $1 mark after one of its banking partners, Silvergate ran out of liquidity.
No doubt, this collaboration is expected to strengthen stablecoin and by extension, the crypto industry as a whole.
Benefits of Mastercard’s Stablecoin Wallet
The partnership involves the stablecoin-only wallet built by Stables, coming with a payment card supported by Mastercard. The payment card allows users to spend and save the USDC stablecoin by converting the digital currency into fiat and settling in the MasterCard network.
In addition, users can also top up their balance using bank transactions, direct debits, and other methods of payment.