Mastercard Partners with Circle and Stables to Enable Crypto Payments in Australia
Mastercard, USDC issuer Circle, and Stables partner to allow Australian residents to buy goods and services in crypto.
The feature will be available in the second quarter of 2023.
Australian residents will soon be able to pay for goods and services with cryptocurrency, thanks to a new partnership between Mastercard, Circle, and the Australian stablecoin platform Stables.
The collaboration aims to provide customers with an easy and familiar way to use stablecoins in the real world. The companies are launching a virtual card that will allow users to spend their stablecoin balance on daily purchases.
“We understand that using stablecoins in everyday life is complex and inefficient, but we have a solution,”writes Stables in a statement.
The initiative will enable users to top up their wallets with stablecoins, including USDC, USDT, DAI, and FRAX on Avalanche, Polygon, Optimism, Arbitrum, and Ethereum. Notably, the tokens will not be converted to fiat straightaway. Instead, Stables will convert stablecoins into USDC on Polygon free of charge.
In addition, Stables partnered with the Australian card-issuing platform Marqeta, which will power the new Mastercard prepaid card. With Marqeta’s help, stablecoins will be instantly converted into fiat currencies for transactions in the Mastercard system.
Thanks to this partnership, individuals will be able to pay in cryptocurrency at over 54 million merchant locations globally. The feature will be available for Australia-based users in the second quarter of 2023. Following this, the companies plan to launch the product in Europe, the United States, the United Kingdom, and a large part of the Asia-Pacific region.
It’s worth noting that Mastercard has previously introduced other crypto-related initiatives. In February of this year, the company partnered with web3 protocol Immersve to enable crypto payments via USDC. The feature allows individuals to use their actual web3 wallets to make payments directly in crypto.
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