Australian residents can now make payments in stablecoins using a Mastercard. Stables Wallet, which is an Australian cryptocurrency wallet, recently partnered with Circle, a payment system and issuer of USDC.
The Stables wallet only accepts fiat currencies and stablecoins, and it introduces support for Mastercard digital debit cards. This means that customers will be able to buy goods for USDC at any shop that accepts cards from the global payment system.
Marqeta, the US platform, is also part of this transaction process - stablecoins are converted into fiat money for Mastercard payments at the point of sale depending on the user's stablecoin balance, which is used to authorise the transactions.
The payment system will be able to manage all transactions through USDC. At the same time, the Stables wallet will accept many stablecoins, including USDT, DAI and FRAX. All of these cryptocurrencies will be transferred to USDC for free when making card payments.
The Mastercard digital card, combined with the Stables crypto wallet, will become available to Australian customers in the second quarter of 2023. After that, the two companies intend to launch their product in Europe, the US, the UK and other parts of the Asia-Pacific region.
