News and resources on digital currencies, crypto assets and crypto exchanges worldwide.
Australian startup Stables to issue USDC to fiat Mastercard

Australian startup Stables to issue USDC to fiat Mastercard

Australian stablecoin startup Stables is to issue a Marqeta-powered Mastercard for USDC to fiat currency conversion at merchant checkouts, both instore and online.

Stables is a digital wallet that allows users to spend, send and earn stablecoins, all on one balance.

Stables says it will partner with a third party to allow customers to save and spend USDC, which will be converted to fiat and settled on Mastercard’s network. The card will be accessible through the Stables digital app via mobile wallets.

Sydney-based Stables was founded in 2021 by Erez Rachamim, Bernardo Bilotta and Daniel Li who previously worked at Equitise, Zip and Readiitel. The company currently employs 15 staff.

On the tie-up with Marqeta and Mastercard, Rachamim says: “Customers spend as they usually would using stablecoins, with transactions then settled by Stables’ payment gateway enabling real-time transactions using USDC. Conversion and settlement occur behind the scenes, secured with ISO and SOC2 certified digital asset custody technology provider Fireblocks, thus enabling users to checkout as they normally would with a debit card.”

The prepaid card will use Marqeta’s Just-in-Time Funding funding feature, which means that users will not be required to preload balances — as is required by some other crypto-enabled prepaid cards.

In addition to its soon-to-launch payment card, Stables is also preparing to introduce wallet-to-wallet transfers and interest-bearing 'earn' features.

To learn more about payments innovation, register for NextGen Nordics to take place on 25 April 2023.

Comments: (0)