Australian stablecoin payments startup Stables is expanding to Europe in collaboration with Mastercard, marking a significant milestone in its growth. According to co-founder Bernardo Bilotta, this expansion highlights the mainstream adoption of dollar-pegged assets beyond traditional crypto-native applications.
Strategic Expansion into a Larger Market
Bilotta emphasized the importance of this move, noting that the total addressable market in Europe is roughly twenty times larger than that of Australia. The partnership with Mastercard will enable Stables users to make purchases with Circle’s USD Coin (USDC) across 27 European countries, supporting transactions through major digital payment platforms like Apple Pay and Google Pay.
Mainstream Adoption of Stablecoins
Bilotta pointed out that stablecoins are gaining traction among everyday users, not just those deeply entrenched in the crypto space. He described stablecoins as “crypto’s killer app,” a term used by Morgan Stanley, underscoring their strong product-market fit. Stablecoins are increasingly utilized for trading, remittances, cross-border payments, and other applications globally, especially in countries with high inflation or currency fragmentation.
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Australia as a Crypto Innovation Hub
Founded in 2021, Stables has leveraged Australia’s regulatory environment to build its platform. Despite some regulatory challenges, Bilotta views Australia as an ideal “sandbox” for crypto firms due to its stringent financial service standards. This high regulatory bar makes it easier for Stables to export its business model to other jurisdictions.
Stables has already seen significant backing from notable investors, including Jump Capital and Zip co-founder Larry Diamond. The startup has also launched international remittance capabilities between Australia and the Philippines and recently enabled support for the euro in its app, allowing users to spend USDC across 23 EU countries.
While larger crypto businesses like Kraken and Coinbase have voiced concerns about Australia’s regulatory clarity, Bilotta remains optimistic. He believes that minor regulatory adjustments, particularly in banking relations, could enhance Australia’s status as a crypto hub. Despite setbacks, such as Binance suspending AUD fiat services due to third-party provider issues and major banks cracking down on crypto use, Bilotta sees potential for growth and innovation in the Australian crypto sector.
