Monday, March 4

Digital currency conversion will be available on Mastercard cards for Stables

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Automatic digital currency conversion: Stables plans new cards

Australian startup Stables intends to issue a Mastercard for USDC payments. In this case, there will be an automatic conversion of digital currency into traditional money. This development will allow transactions to be made in stablecoins without opening multiple accounts. The process of paying and sending cryptocurrency will occur in a single account.
The card will be accessible through the Stables app, where customers can make payments without restrictions or additional registrations. Digital currency settlements in Mastercard are handled similarly to transactions with traditional money. All USDC conversion processes are performed automatically using a secure channel. The technology provider for fast data transfer is Fireblocks, which also acts as storage for the cryptocurrency.
Thanks to this solution, Stables customers will not feel any difference between the new and ordinary debit cards when paying for goods or services or transferring funds from one account to another. Another advantage of the startup’s solution is the JIT functionality. It eliminates the need to top up before making a payment, which many cards supporting cryptocurrency transactions require.

digital currency conversion

Integrating digital assets

The new solution from Stables is another step towards integrating digital assets. The crypto industry continues transforming into a multifunctional ecosystem where paying for purchases and conducting various transactions is convenient. This way, the sector will be able to attract investors, which is crucial given its challenges in recent years. Another test for the market was the collapse of three traditional banks, including Silicon Valley Bank.
Part of the latter’s assets was in USDC, which caused panic among cryptocurrency holders. They started converting Stablecoins into bitcoins as the most secure crypto to preserve their assets. Such processes caused the value of Bitcoin to rise and affected the BUSD stack’s stability. The crypto market has seen a massive shift from stablecoin to bitcoin, increasing trading volumes.
Expert Chaslau Koniukh  believe the excitement in the market is temporary, and processes will soon stabilise. However, such fluctuations force investors to be more cautious with digital currencies. This includes large companies in no hurry to integrate into the crypto industry, limiting themselves and their customers. In addition, several analysts believe that the crisis in the sector is a good reason for regulators to allow digital assets to become full-fledged participants in the banking sector. An example of this trend is the closure of accounts by many cryptocurrency companies without explaining this decision.

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