Marqeta, the modern card issuing platform, has partnered with Stables (formerly Tiiik) to power its new Mastercard prepaid card. Based in Sydney, Stables is a digital wallet that allows users to spend, send and earn stablecoins, all on one balance. With Marqeta’s dynamic spend controls and Just-in-Time funding capabilities, Stables’ clients will be able to convert stablecoins into fiat and spend wherever Mastercard cards are accepted and in-store globally.
What does this mean for Aussie consumers?
Marqeta’s 2022 Consumer Money Movement survey found that 30% of Aussies said they owned crypto, with 93% of consumers surveyed globally saying they held it like an asset.
There’s a significant appetite for consumers to do more with their holdings – 82% of consumers surveyed globally said they would be interested if their cryptocurrency exchange offered them a debit card where they could spend cryptocurrency like dollars.
According to the Consumer Money Movement survey, Australian consumers were more likely to use mobile wallets, cryptocurrency and other digital payment options compared to consumers in the US and UK. Australia has been investing in contactless payments since well before the pandemic, and is a global leader in accelerating digital change post-pandemic.
What does this mean for Margeta and Stables?
Commenting on the partnership, Duncan Currie, Country Manager for Australia and New Zealand, Marqeta, said, “Australia has historically been at the forefront of consumer adoption for new tech, and crypto payments are a prime example of the next wave of innovation that’s accelerating in the APAC region. We’re proud to partner with Stables and Mastercard to enable them to create more flexible payment options for their customers with our APIs.”
With Marqeta’s Just-in-Time Funding feature, Stables is enabled 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 allow customers like Stables to build customizable experiences, easily integrating with other apps and offering visibility and transparency through real-time notifications and monitoring powered by webhooks.
“Stables is committed to expanding what’s possible with stablecoins, giving people more flexibility and choice in their payments habits. 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,” said Stables co-founder and Chief Executive Officer Erez Rachamim.