Mastercard Powers APAC's First Stablecoin-Only Wallet With Payment Card

Australian stablecoin wallet Stables has partnered with Mastercard to launch Asia Pacific's first stabelcoin-only wallet with a virtual payment card for everyday spending.

Stables, formally tiik, will partner with a third party to allow its customers to save and spend USDC, which is then converted into fiat via Mastercard.

The new card is available through the Stables digital app via mobile wallets.

Stables co-founder and CEO Erez Rachamim cited the need for "simple and accessible means" to access utility from digital assets in the real world as an initiative behind the card.

Some 82% of digital asset holders are interested in using a debit card that allows them to spend cryptocurrency like dollars, according to a recent global survey by Marqeta, which noted that 55% of APAC customers feel more confident in investing in digital assets backed by reputable organisations.

The deal comes as Mastercard continues to explore payment solutions for the Web3 space. Kallan Hogan, vice president of business development and head of fintech, Australasia, Mastercard said the firm is looking to "give cardholders the freedom to spend their assets where, how, and when they want. "

Last month, Mastercard partnered with New Zealand based Web3 tech innovator Immersve to create a "Metaverse Mastercard."

The DeFi payments card will allow users to use USDC cryptocurrency directly from their Web3 wallet to make all digital, physical and metaverse purchases, wherever Mastercard is accepted.

Earlier in the same month, Master card said it was looking to hire over 500 college graduates and young professionals this year to expand its Data & Services unit. Currently, Mastercard’s Data & Services includes more than 2,000 data scientists, engineers and consultants.

“Payments are just the beginning,” said Raj Seshadri, president of data and services, Mastercard. “Over the past 20 years, we’ve worked with our customers across banking, fintech, retail, travel and other sectors, helping them understand and navigate every challenge and opportunity thrown their way."

“This evolution of consulting is in recognition of the changing world and of our changing business. It’s about helping customers navigate today’s challenges and anticipating what’s next.”

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