Australian stablecoin startup Stables, backed by Jump Capital, is launching its services in Europe through a new partnership with Mastercard.
Points
- Stables launches its stablecoin wallet services in Europe in partnership with Mastercard.
- The startup holds a Virtual Asset Service Provider （VASP） license in the EU.
- The partnership aims to advance stablecoin-based solutions and products.
- Stables raised $3.75 million in seed funding in 2022.
- Growing stablecoin adoption drives the expansion into the European market.
Australian stablecoin startup Stables is launching its services in Europe as part of its new partnership with Mastercard. The startup, which holds a Virtual Asset Service Provider （VASP） license in the European Union, sees the latest collaboration as a significant step forward. Stables co-founder Bernardo Bilotta says the partnership is crucial for advancing new products “in the realm of stablecoin-based solutions.”
The company’s decision to enter the European market is driven by growing stablecoin adoption. Businesses are increasingly using stablecoins for transactions such as paying employees or vendors. Stables highlighted that the stablecoin industry is “ripe with opportunity,” estimating around $10 trillion worth of stablecoins to be 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 earmarked for developing the company’s backend infrastructure.
Strategic Expansion
The partnership with Mastercard will enable Stables to leverage the financial giant’s network and expertise to offer more comprehensive stablecoin-based solutions. This strategic expansion is expected to enhance the adoption of stablecoins across various sectors in Europe, providing businesses and consumers with a reliable and efficient means of transaction.
Market Opportunities
With the stablecoin market projected to reach $10 trillion in annual settlements, the timing of Stables’ entry into the European market is strategic. The company’s robust infrastructure and strong partnerships position it well to capture a significant share of this growing market.
Conclusion
Stables’ launch of stablecoin wallet services in Europe, backed by a partnership with Mastercard, represents a significant milestone in the stablecoin industry. The company’s strategic expansion is driven by the growing adoption of stablecoins and the need for reliable and efficient transaction methods. With its VASP license and strong investor backing, Stables is poised to make a substantial impact in the European market, offering innovative solutions and advancing the stablecoin ecosystem.