- Stables’ clients can convert stablecoins into fiat money thanks to Marqeta’s dynamic funding
- 82% of consumers worldwide want a debit card to spend cryptocurrency like fiat
Global card issuer Marqeta and Stables, previously Tiiik, have partnered to issue a card that will be accepted at all locations where MasterCard is, Bankless Times learned from a press release.
Stables is a digital wallet that lets holders earn, send, and spend stablecoins from a single balance. The company is based in Sydney, Australia.
Seamless conversion anytime, anywhere
Stables’ clients can convert stablecoins into fiat money thanks to Marqeta’s dynamic funding capacity and spend controls. Data from the card issuer’s global Consumer Money Movement survey last year showed that 93% of all consumers held crypto as an asset. 82% of consumers expressed demand for a debit card where they could spend cryptocurrency like fiat.
Australian consumers are global leaders in accelerating crypto, mobile wallets, and digital payments in general. They are more supportive of those than consumers in the UK and US. Duncan Currie, Marqeta Country Manager for Australia and New Zealand, confirmed this fact:
Australia has historically been at the forefront of consumer adoption for new technologies, and crypto payments are a prime example of the next wave of innovation that’s accelerating in the APAC region. We’re proud to partner with Stables and Mastercard to enable them to create more flexible payment options for their customers with our APIs.
Leveraging card products from stablecoin wallets
Stables can create card products that can be leveraged from the user’s stablecoin wallet, making approval decisions at the POS according to the user’s existing stablecoin balance and using fiat to fund transactions.
Marqeta’s dynamic spend control mechanisms and open APIs will let Stables create customizable experiences, offering easy integration with other apps and providing transparency and visibility through real-time notifications. Stables CEO Erez Rachamim added:
Stables is committed to expanding what’s possible with stablecoins. With increasing demand for digital assets, we’re thrilled to work with Marqeta to develop a card that enables more seamless spending on everyday items.
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