Aussie fintech Stables launches APAC’s first stablecoin virtual card
Fintech start-up Stables has launched Asia Pacific’s first virtual prepaid card for stablecoins in Australia, in partnership with Mastercard and Circle.
Stables launches stablecoin virtual card
With the new offering, Stables says users will be able to “seamlessly and securely” spend their stablecoin balance anywhere Mastercard cards are accepted, whether instore or online.
The company has chosen Circle’s USD Coin (USDC) as the preferred stablecoin to store customer funds because of its “commitment to regulatory compliance and industry-leading transparency”, says Bernardo Bilotta, chief product officer (CPO) of Stables.
Stables says that while the stablecoin market is valued at over $150 billion, their potential for everyday use “has been hindered by complex and inefficient processes”. It adds that its new virtual card offering eliminates traditional barriers involved in the usage of stablecoins, paving the way for their use in real-world transactions.
Erez Rachamim, CEO of Stables, says the company’s mission is to simplify stablecoin usage and drive their adoption across the world by enabling customers “to spend their holdings like cash securely, seamlessly and globally”.
Founded in 2021, Sydney-based Stables offers a stablecoin digital wallet through which customers can send, spend and earn. Its investors include Jump Crypto, Global Founders Capital, Fintech Collective and DAC, among others.
