Stables, the Australian stablecoin payment startup, has announced its expansion into Europe with the launch of their stablecoin virtual card, in collaboration with Mastercard. This move follows a successful partnership with Mastercard in April 2023 in Australia, where Stables became the first stablecoin wallet in the APAC region to offer seamless payments from a single stablecoin balance.
Through the partnership with Mastercard, Stables users can now make contactless in-store and online payments using Apple Pay and Google Pay across Mastercard’s extensive global network of merchants. This expansion is not just a geographical leap but a testament to the growing global demand for stablecoins. With approximately $10 trillion worth of stablecoins settling on-chain annually, the market is ripe with opportunities for businesses and consumers alike. Companies are increasingly using stablecoins for transactions such as paying employees and vendors, while peer-to-peer transactions in everyday life highlight the growing acceptance and utility of stablecoins.
Bernardo Bilotta, co-founder of Stables, emphasised the company’s mission to create an open payment network that enables anyone, anywhere to transact freely. “Our collaboration with Mastercard has streamlined the crypto spending experience, blending familiarity with innovation. European users can now leverage their stablecoins for everyday spending.”
Stables holds a Virtual Asset Service Provider (VASP) licence, which allows it to offer products safely across the 27 member states of the EU. By leveraging recent advancements in the Markets in Crypto-Assets Regulation (MiCA), Stables is positioning itself at the forefront of stablecoin-backed product regulation worldwide. This strategic move places Stables in a strong position within Europe, a region known for its regulatory clarity and financial prowess.
“As we establish ourselves as an open payment network business, Europe’s regulatory clarity and financial prowess position it as a pivotal region for driving innovation in the realm of stablecoin-based solutions,” said Bernardo Bilotta.
Christian Rau, Senior Vice President, Crypto and Fintech Enablement at Mastercard Europe, expressed his support for Stables’ expansion. “As Stables expand into Europe, we’re pleased to be continuing to support them to deliver innovative, secure, and seamless payment experiences, enabling greater choice and empowering cardholders to pay, spend, and buy with the assets they choose.”
Stables’ expansion into Europe marks the introduction of the first of many payment products designed to meet the growing demand in this key jurisdiction. Looking ahead, Stables aims to bring feature parity to new and existing markets, solidifying its position as a leading player in the global stablecoin ecosystem.
With Europe emerging as a crypto-agnostic hub of capital and regulation, Stables’ strategic move into this market underscores its commitment to providing innovative and secure payment solutions. This expansion represents a significant step forward in the adoption and utility of stablecoins in everyday transactions, offering users greater flexibility and choice in how they manage and spend their digital assets.
