Jump Capital-backed stablecoin wallet Stables rolls out services in Europe

Australian stablecoin startup Stables is launching its services in Europe as part of a new partnership with Mastercard.

Stables, a stablecoin wallet startup, is launching its services in Europe through a new partnership with Mastercard. Announced on Monday, Stables said users will now be able to make contactless in-store and online payments across Mastercard’s global merchant network via Apple Pay and Google Pay.

The startup, which holds a Virtual Asset Service Provider (VASP) license in the European Union, sees the latest collaboration as a significant step. Stables co-founder Bernardo Bilotta says the partnership is crucial for advancing new products “in the stablecoin-based solutions space.”

The company says the stablecoins’ decision to enter the European market is driven by increasing stablecoin adoption. Businesses are increasingly using stablecoins for transactions such as paying employees or vendors. The company estimates that around $10 trillion worth of stablecoins will be settled on-chain annually, emphasizing that the stablecoin sector is “full of opportunity.”

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 to develop the company’s back-end infrastructure.