Mastercard Collaborates with Circle and Stables to Offer Crypto Payment Solutions in Australia

In an exciting new initiative, Australians will soon be able to utilize cryptocurrency for everyday purchases, courtesy of the collaboration between Mastercard, Circle, and Stables.

This alliance strives to offer consumers a straightforward and user-friendly means to apply stablecoins in their daily transactions. They’re launching a virtual card designed to enable users to spend their stablecoin funds on everyday expenses.

‘We recognize that incorporating stablecoins into daily life can often be cumbersome, but we have crafted a solution,’

writes Stables in a statement . 

This initiative will allow users to fund their wallets with stablecoins such as USDC, USDT, DAI, and FRAX across various platforms including Avalanche, Polygon, Optimism, Arbitrum, and Ethereum. Importantly, the tokens won’t be swapped to fiat immediately; instead, Stables will handle the conversion of stablecoins into USDC on Polygon at no cost.

In addition, Stables partnered Collaborating with the Australian card issuer Marqeta, they will provide the technology for the new Mastercard prepaid card. With Marqeta’s assistance, stablecoins will quickly be converted into local currencies for transactions within the Mastercard network.

This collaboration will empower users to spend cryptocurrency at over 54 million businesses worldwide. Rollout for Australia is planned for the second quarter of 2023, with aspirations to expand into Europe, the USA, the UK, and much of the Asia-Pacific region afterward.

It’s interesting to note that Mastercard has previously launched a variety of crypto initiatives. In February of this year, for instance, they teamed with the web3 protocol Immersve to enable crypto payments via USDC, allowing users to make direct crypto payments. Mastercard embraces Web3 by launching a payment service for NFTs. .

Read more about Mastercard:

• In partnership with Binance, Mastercard is working to enable cryptocurrency transactions at more than 90 million locations.
• Mastercard and Polygon have announced the beginning of a web3 artist accelerator program.
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