MasterCard will power the first stablecoin-only wallet in the Asia-Pacific region for everyday payments.
MasterCard has partnered with an Australian stablecoin wallet, Stables, to power a stablecoin-only payment service using a virtual payment card. The service will allow users to pay for services using stablecoins, such as USD Coin (USDC) or Tether (USDT).
The virtual card can be accessed via mobile wallet on the Stables digital app. According to the Stables CEO, Erez Rachamim, the service's launch was prompted by the need to make digital payments simple and accessible.
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A recent survey by Marqeta found that 82% of crypto holders were interested in the concept of a debit card that lets them spend their crypto holdings on everyday transactions. On top of that, the survey found that 55% of customers in the APAC region felt more confident investing in crypto assets backed by a reputable organization.
According to a press release, the MasterCard integration is set to be launched in June 2023. It will be initially rolled out in Australia before expanding to the rest of the Asia-Pacific region, the United States, the United Kingdom, and Europe.
The partnership comes amidst MasterCard's push into payment solutions for Web3. MasterCard Australia's vice president of business development and head of the fintech, Kallan Hogan, said that the company sought to enable crypto holders to use their assets however they pleased.
MasterCard has announced various other partnerships in the crypto industry. In February, the company partnered with Bit2Me to launch crypto-backed debit cards.
However, following major collapses in the crypto industry, the news broke that Visa and Mastercard were allegedly slamming the breaks on crypto-related partnerships. Despite these claims, it appears that payment giants are not ready to turn away from crypto-related initiatives.
