Stables Expands European Presence, Catalyzes Mainstream Adoption of Dollar-Pegged Assets

Australian stablecoin payments startup Stables has announced its European expansion, partnering with Mastercard to signify a broader movement of dollar-pegged assets into mainstream financial ecosystems. This milestone marks a significant advancement for Stables, co-founded by Bernado Bilotta, who emphasized the substantial growth potential within the European market—a market approximately twenty times larger than Australia.

New Horizons: Stables Users Can Now Transact Across Europe

With this strategic alliance, Stables users will have the capability to make purchases using Circle’s USD Coin (USDC) across 27 European countries, wherever Mastercard is accepted, including digital platforms like Apple Pay and Google Pay. This partnership underscores the transition of stablecoins from niche cryptocurrency circles to everyday financial transactions.

Bilotta articulated that stablecoins are transcending their initial “crypto-native” audience, finding utility among general consumers who require reliable digital dollar alternatives. Morgan Stanley has dubbed stablecoins as “crypto’s killer app,” and Bilotta reiterated their role as a cornerstone in the digital currency market due to their stability amidst the otherwise volatile cryptocurrency landscape.

Read more: TradFi Titan State Street Considers Stablecoin, Tokenized Deposit Initiatives

Widespread Adoption and Use Cases of Stablecoins

Currently, stablecoins are employed by hundreds of thousands of users worldwide—both crypto-native and non-crypto-native—for various applications including trading, remittances, cross-border payments, and other financial activities. Bilotta pointed out that individuals from countries facing high inflation rates, such as Argentina and Turkey, along with regions characterized by significant “currency fragmentation” like Southeast Asia, are increasingly turning to stablecoins as a stable financial alternative.

Australia’s Role as a Crypto Development Hub

Founded in 2021, Stables provides an innovative platform allowing users to purchase everyday items using USDC via a digital debit card accepted by Mastercard globally. The startup boasts support from notable investors including crypto venture fund Jump Capital, Pocketbook co-founder Alvin Singh, Bosco Tan, and Zip co-founder Larry Diamond.

In March, Stables launched international remittance capabilities between Australia and the Philippines, further enhancing its service offerings. On June 25, in collaboration with Mastercard, Stables introduced support for the euro on its app, enabling users to spend USDC in 23 countries within the European Union.