MasterCard will allow stablecoin payments in APAC region

Giat card payment processor company MasterCard established partnership with Stables to provide stablecoin supported payment.

Mastercard Inc.  is the second-largest payment-processing corporation worldwide. This company is headquartered in NewYork. MasterCard offers a big range of financial services. Over the past few years, MasterCard came into partnership with many crypto companies, in order to remain top in the list of payment service provider companies. 

Recently MasterCard announced its partnership with Stables, which provides a stablecoin-only wallet. In collaboration, the stablecoin wallet will be supported at every payment platform where MasterCard payment is accepted. 

So basically, it will be the best option for the stablecoin holders to use their stablecoins in direct payment but this support will remain limited in the APAC region.

When any stables’ stablecoin wallet user will use USDC stablecoin to pay money on the MasterCard channel then first USDC will change into fiat & further settle on the MasterCard network.

Mastercard Australasia’s head of fintech, Kallan Hogan, shared his happiness about this partnership and said that it will help MasterCard holders to get more freedom with the choice of payment options.

Further Hogan stated: 

“Stables is building a solution for the Web3 sector leveraging Mastercard’s global network and cyber and intelligence tools, including CipherTrace and Ekata, with trust and security at the core.”

The outcome of this partnership will come into play somewhere in the second quarter of this year. After starting with Australia, these companies will focus on Europe, the United States, the United Kingdom, and most of Asia Pacific.

Stables co-founder and chief operating officer Daniel Li confirmed that the Stablecoin wallet will also support other stablecoins like BUSD, USDT, etc but instantly will swap into USDC at zero cost. Li also said that the future of USDC stablecoin is bright, despite USDC facing a struggling phase after the downfall of the Silvergate Bank.

Read also: Indian CBDC may allow citizens to delete transaction history

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