Stables expands to Europe with its Stablecoin Virtual Card powered by Mastercard
Australian stablecoin payment startup Stables have announced its expansion into Europe with their stablecoin virtual card, in partnership with Mastercard. The move comes after a successful collaboration in April 2023 with Mastercard in Australia, where Stables pioneered as the first stablecoin wallet in the APAC region to offer seamless payments from a single stablecoin balance.
Together with Mastercard, Stables users are able to make contactless in-store and online payments via Apple Pay and Google Pay across Mastercard’s global network of merchants.
Stables’ expansion into Europe is not merely a geographical leap; it’s a testament to the soaring demand for stablecoins globally. With approximately $10 trillion worth of stablecoins settling on-chain annually, Stables is stepping into a market ripe with opportunity. Businesses are increasingly turning to stablecoins for transactions, whether it’s paying employees or vendors. Moreover, the proliferation of peer-to-peer stablecoin transactions in everyday life underscores the growing acceptance and utility of stablecoins.
Commenting on the stablecoin virtual card, Bernardo Bilotta, Co-Founder of Stables, emphasised the company’s mission to create an open payment network that empowers 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, allowing it to offer products safely across the 27 member states of the EU. Leveraging recent advancements in the Markets in Crypto-Assets Regulation (MiCA), Stables is positioning itself at the forefront of stablecoin-backed product regulation worldwide.
Stables’ new market presence is a strategic move for the payment startup, with Europe emerging as a crypto-agnostic hub of capital and regulation. “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,” added Bilotta.
“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,” said Christian Rau, Senior Vice President, Crypto and Fintech Enablement, Mastercard Europe.
Stables European expansion signifies the introduction of the first of many payment products designed to cater to the growing demand in this key jurisdiction. Looking ahead, Stables aims to bring feature parity to new and existing markets, solidifying its position as the global leading player in the stablecoin ecosystem.
