Following this announcement, the Australian digital providers and payment startup is expected to launch international remittances for several of its customers, with a central focus on the AU-PH regions.
Stables’ clients from multiple countries and geographical areas around the world will be enabled to send AUD (Australian Dollars) or PHP (Philippine Pesos) to individuals across the two countries. All of the transactions are set to be powered by stablecoins, as the company prioritises making the process of sending cross-border payments secure and efficient for clients.
Stables is expected to focus on the developments of stablecoins and the manner in which they can be leveraged in order to provide customers with speed, low-cost settlements, reliability, and security. As the market capitalisation of stablecoins is currently hitting new highs in March 2024, with a total of over USD 140 billion, the startup aims to meet the needs, preferences, and demands of its clients in an ever-evolving market, while also remaining compliant with the laws and regulatory requirements of the industry.
The company will prioritise the process of embedding stablecoins in remittance rails with both domestic jurisdictions, which are covered to deliver a payload with no middlemen. At the same time, the intra-day is expected to take place with fees lower than 1%. Customers will be enabled to send money to their loved ones, as stablecoins will provide a faster, cheaper, and more transparent way to make transactions and cross-border payments.
The launch represents also a step into Stables’ strategy to simplify the usage of stablecoins and drive their overall adoption around the globe. In addition, the company will focus on improving access to basic financial services in multiple emerging markets, where a significant portion of the population is underbanked or unbanked, while also accelerating the process of financial inclusion.
Stables will continue its strategy of optimise the manner in which individuals and users access the global financial system through the use of secure and transparent stablecoin products. In addition, as stablecoin remittances offer cheaper alternatives while still facing challenges to adoption, Stables will focus on bridging the gap between the product and users, as it will expand its suite of solutions and expertise into new international markets in 2024.
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