Australian crypto wallet Stables has announced a partnership with payment processor and USDC issuer Circle.
The fiat-only and stablecoin-only Stables Wallet will introduce Mastercard digital debit card support, which will allow users to pay in USDC at all merchants that accept cards from one of the world’s leading payment processors.
The American platform Marqeta will also participate in the payment process. In its infrastructure, stablecoins will be instantly converted into fiat currencies for transactions in the Mastercard system. The transaction will be authorized at the point of sale based on the user’s available stablecoin balance.
The payment solution will process all payments using USDC. At the same time, the Stables wallet will accept deposits in several stablecoins, including USDT, DAI and FRAX, but all of them will be automatically converted to USDC for free for card payments.
A digital Mastercard integrated into the Stables crypto wallet will become available to users in Australia in the second quarter of 2023, according to Cointelegraph. The companies then plan to expand the product to Europe, the US, the UK, and much of the Asia-Pacific region.