As an analyst with a background in both finance and technology, I have closely followed the developments in the crypto industry, particularly stablecoins, for several years now. Having witnessed their growing adoption beyond “crypto-native” circles and their role as “crypto’s killer app,” I am excited about Stables’ expansion into Europe through its partnership with Mastercard.
Aussie startup Stables, specializing in stablecoin payments, is broadening its horizons in Europe via a fresh collaboration with Mastercard. Co-founder Bernardo Bilotta emphasizes the European market’s significant growth opportunity, approximately twenty times greater than Australia’s.
Through this collaboration, Stables’ customers can now use Circle’s USD Coin (USDC) for purchases in 27 European nations where Mastercard is valid, along with online merchants such as Apple Pay and Google Pay.
Billota highlighted the increasing popularity of stablecoins among the general public, extending beyond the realm of cryptocurrency enthusiasts. According to Morgan Stanley, stablecoins represent “crypto’s most successful application to date.”
It’s fascinating how unpredictable cryptocurrencies can be, yet Billota points out the irony: stablecoins, which are known for their stability, have become the go-to choice in this volatile market. Widely used for trading, remittances, and global payments, they offer a reliable alternative.
In nations experiencing high inflation, such as Argentina and Turkey, as well as areas characterized by currency fragmentation, like Southeast Asia, there’s a growing trend towards the use of stablecoins as a reliable and consistent option.
Established in the year 2021, Stables enables users to spend USDC using a Mastercard digital debit card on a global scale. In March of the same year, they initiated remittance payments between Australia and the Philippines. By June, they broadened their support to include euros in twenty-three EU countries.
As a researcher examining the crypto landscape, I’ve come across Australia’s somewhat ambiguous regulations regarding cryptocurrencies. However, from my perspective, this uncertainty makes Australia an attractive “sandbox” for establishing a crypto firm. The country boasts high regulatory standards that can serve as a solid foundation for building a successful business in the sector. With some targeted adjustments to its banking policies, Australia could emerge as a significant hub for crypto companies.
Despite the industry’s advancements, it encounters hurdles, one of which is being cut off from local financial institutions. This concern gained significant attention in May 2023 when Binance discontinued Australian dollar services due to a decision made by its third-party payment provider, Cuscal.
Through its European expansion, Stables aspires to make stablecoin transactions more commonplace and popular, aligning with an increasing pattern observed within the cryptocurrency market.
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2024-07-22 08:20