The new partnership will allow Stables users to make purchases with Circle’s USD Coin in 27 countries throughout Europe wherever Mastercard is accepted and through digital vendors like Apple and Google Pay.
Officials from Stables said that dollar-pegged assets are being picked up by everyday people with a genuine need to use them. As of this announcement, stablecoins are used by hundreds of thousands of crypto-native and non-crypto-native users for trading, remittances, cross-border payments, and other payment applications around the world. People from countries experiencing high levels of inflation — such as Argentina and Turkey — as well as regions with high levels of ‘currency fragmentation’ like South East Asia are flocking to stablecoins as a more ‘stable’ alternative.
Founded in 2021, Stables is an Australian stablecoin payments startup that allows users to purchase everyday items with USDC via a digital debit card anywhere Mastercard is accepted. The company is backed by crypto venture fund Jump Crypto, Pocketbook co-founder Alvin Singh, Bosco Tan, and Zip co-founder Larry Diamond.
Despite crypto regulation not being as clear in Australia as it is in the European Union — which is set to introduce its sweeping crypto framework, MiCA, in December2024 — Stables said Australia was the ideal ‘sandbox’ for building a crypto firm. The country has one of the highest bars for regulation in the world when it comes to financial services. So, operating in such a high-standard regime means that it’s easier for the company to go and export its models in other jurisdictions.
In March 2024, Stables has launched international remittances between Australia and the Philippines, using stablecoins for secure, low-cost, and efficient transactions. This initiative aims to provide faster, cheaper, and more transparent cross-border payments, targeting underbanked populations and promoting global stablecoin adoption.
The startup’s strategy focuses on embedding stablecoins into remittance rails, minimising transaction costs to under 1%, and eliminating intermediaries. With the stablecoin market cap surpassing USD 140 billion in March 2024, Stables aims to leverage this growth to enhance financial inclusion in emerging markets. By ensuring compliance with regulatory standards, the company seeks to bridge the gap between stablecoin products and users, expanding its suite of solutions to meet evolving market demands.
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