Australian Stablecoin Startup Stables Launches Services in Europe in Partnership With Mastercard

Stables, a stablecoin wallet startup, is launching its services in Europe through a new partnership with Mastercard.

Stablecoin wallet startup Stables is expanding its services to Europe through a new partnership with Mastercard.

Announced Monday, the collaboration will allow users to make contactless in-store and online payments via Apple Pay and Google Pay at Mastercard’s global network of merchants.

The startup, which holds a Virtual Asset Service Provider (VASP) license in the European Union, described the latest development as a “significant step.” According to Stables co-founder Bernardo Bilotta, the partnership is crucial for advancing new products “in the realm of stablecoin-based solutions.”

The company said Stables’ decision to enter the European market was driven by the growing adoption of stablecoins. Notably, businesses are increasingly using stablecoins for transactions such as paying employees or vendors.

Highlighting that the stablecoin industry is “ripe with opportunity,” the company estimated that around $10 trillion worth of stablecoins are settled on-chain annually.

Founded in 2021 by Erez Rachamim, Daniel Li, Tony Tao, Peter Duan, David Nichols, and Bernardo Bilotta, Stables raised a total of $3.75 million in seed funding in 2022 from multiple investors, including Jump Capital, 0x Ventures, Parsiq, and Gate.io. The funds were allocated to developing the company’s backend infrastructure.

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