Stables Expands Stablecoin Virtual Card to Europe in Mastercard Partnership
Australian fintech startup Stables has announced its expansion into Europe, launching a stablecoin virtual card in partnership with Mastercard. This move follows the company’s successful collaboration with Mastercard in Australia last year, where Stables introduced the first stablecoin wallet in the APAC region offering seamless payments from a single stablecoin balance.
The expansion allows Stables users across 27 European countries to make contactless in-store and online payments using Circle’s USD Coin (USDC) via Apple Pay and Google Pay, leveraging Mastercard’s extensive merchant network. This development comes at a time when stablecoins are gaining traction globally, with approximately $10 trillion worth of stablecoins settling on-chain annually.
Bernardo Bilotta, co-founder of Stables, emphasized the company’s mission to create an open payment network that empowers anyone to transact freely. “Our collaboration with Mastercard has streamlined the crypto spending experience, blending familiarity with innovation. European users can now leverage their stablecoins for everyday spending,” Bilotta stated.
The move into Europe is strategically significant for Stables, as the continent emerges as a crypto-agnostic hub of capital and regulation. The company holds a Virtual Asset Service Provider (VASP) license, enabling it to offer products across the European Union safely. Stables is also positioning itself to benefit from recent advancements in the Markets in Crypto-Assets Regulation (MiCA), aiming to be at the forefront of stablecoin-backed product regulation worldwide.
Christian Rau, Senior Vice President of Crypto and Fintech Enablement at Mastercard Europe, expressed support for the expansion, stating, “We’re pleased to be continuing to support Stables to deliver innovative, secure and seamless payment experiences, enabling greater choice and empowering cardholders to pay, spend and buy with the assets they choose.”
Stables’ European launch marks the introduction of the first of many payment products designed to cater to the growing demand for stablecoin solutions in this key jurisdiction. The company aims to bring feature parity to new and existing markets, solidifying its position as a global leader in the stablecoin ecosystem.
Founded in 2021, Stables has quickly established itself as an innovative player in the stablecoin payments space. The startup is backed by crypto venture fund Jump Capital and notable fintech entrepreneurs. Despite regulatory challenges in some markets, Stables sees Australia as an ideal “sandbox” for building a crypto firm, citing the country’s high regulatory standards as an advantage when expanding to other jurisdictions.
As stablecoins continue to gain adoption beyond crypto-native circles, Stables is well-positioned to capitalize on the growing trend of everyday users turning to these digital assets for various financial transactions, including remittances, cross-border payments, and daily purchases.
