Australian stablecoin startup Stables is set to launch a Marqeta-powered Mastercard that will facilitate the conversion of USDC to fiat currency at merchant checkout, both in-store and online.
Stables functions as a digital wallet, enabling users to spend, send, and earn stablecoins all from a single balance. The company plans to collaborate with a third party, allowing customers to save and use USDC, which will be converted to fiat currency and settled through Mastercard’s network. Users will be able to access the card via the Stables digital app and mobile wallets.
Founded in 2021 in Sydney by Erez Rachamim, Bernardo Bilotta, and Daniel Li—who previously worked at Equitise, Zip, and Readiitel—the company currently employs a team of 15 staff members.
Regarding the collaboration with Marqeta and Mastercard, Rachamim stated, “Customers will be able to spend as they normally do with stablecoins, with transactions settled through Stables’ payment gateway, enabling real-time transactions using USDC. Conversion and settlement occur seamlessly behind the scenes, secured with Fireblocks, an ISO and SOC2 certified digital asset custody technology provider, allowing users to check out as they would with a debit card.”
The prepaid card will utilize Marqeta’s Just-in-Time Funding feature, eliminating the need for users to preload balances, unlike some other crypto-enabled prepaid cards.
In addition to the upcoming payment card, Stables is also preparing to launch wallet-to-wallet transfers and interest-earning features for users.
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