OAKLAND, Calif.–(BUSINESS WIRE)–Marqeta, the global modern card issuing platform, has announced a new partnership with Sydney-based digital wallet Stables (formerly Tiiik) to power its new Mastercard prepaid card. The partnership aims to provide Stables’ customers with the ability to convert stablecoins into fiat and spend them wherever Mastercard cards are accepted online and in-store globally.
According to Marqeta’s 2022 Consumer Money Movement survey, 30% of Australians surveyed owned cryptocurrency, with 93% of consumers globally saying they held it as an asset. The survey also found that 82% of global consumers would be interested if their cryptocurrency exchange offered them a debit card where they could spend cryptocurrency like dollars.
Duncan Currie, Country Manager for Australia and New Zealand, Marqeta, said, “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.”
Marqeta’s Just-in-Time Funding feature will enable Stables to create card products that users can leverage from their stablecoin wallet, making authorization decisions at the point of sale based on a user’s available stablecoin balance and funding transactions in fiat currency. Marqeta’s open APIs and dynamic spend controls will also allow customers like Stables to build customizable experiences and easily integrate with other apps.
Erez Rachamim, Stables co-founder & CEO, said, “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.”