Australian digital wallet provider and payment startup Stables has announced the launch of international remittances for its thousands of users (focusing on the AU-PH Corridor).
From today, Stables users in over 130 countries can send Australian Dollars or Philippine Pesos to over 140 million people across Australia and the Philippines, all powered by stablecoins.
As the largest importer of remittances within Southeast Asia, the Philippines has inflows in excess of $40 billion per year (with $5.76 billion from Australia alone). In recent years, the Philippines has increasingly adopted digital forms of payment due to 44% of the population aged 15 and over in the Philippines estimated to be unbanked, leading to increased acceptance of digital wallets and e-wallets like Gcash in the region.
With the market capitalisation of stablecoins hitting new highs in March 2024, totalling over $140 billion, there is strong momentum this year for the cohort-leading venture. Stables and its Founders have an unwavering belief in stablecoins to offer users speed, low-cost settlement, security and reliability for its users.
On the recent announcement, Stables Co-Founder and CEO Erez Rachamim said, “This is the first time in Australian history that a company has embedded stablecoins in remittance rails with both domestic jurisdictions covered to deliver a payload with no middlemen, intra-day with sub 1% fees, we cannot wait to bring feature parity to the Philippines by May 2024.”
“Our vision at Stables has always been to simplify the usage of stablecoins and drive their widespread adoption globally to improve access to basic financial services in emerging markets where a significant portion of the population is underbanked,” Rachamim continued.
“Initially, Stables set out to reimagine how stablecoins could power everyday payments, and today, we’ve turned that into a reality. Our users can now send Philippines Pesos or Australian Dollars from their stablecoin balance directly into any local bank account or eWallet, without the need for the other party to have a Stables wallet or know that the funds started as a digital asset on the blockchain,” added Erez Rachamim, CEO of Stables. “Stablecoin remittances are a lifeline for many who need to send money to their loved ones, as they provide faster, cheaper and more transparent transactions than traditional methods. Stablecoins are challenging the status quo of remittance services. We believe they will shape the future of cross-border payments, and the little guys will keep more money in their pockets.”
Stables has forged strong relationships and partnerships with major global payment players like Mastercard in 2023, announcing the launch of the Stables Mastercard™ virtual prepaid card in Australia. This groundbreaking solution allowed users to seamlessly and securely spend their stablecoin balance anywhere Mastercard cards are accepted, in-store or online.
Leveraging Circle Internet Financial (Circle)’s USDC, the Stables virtual card empowers customers to utilize their stablecoins in the physical world, meeting the growing demand for real-world spending among digital asset holders.
Founded in February 2021, Stables is on a mission to empower people to access the global financial system through transparent and fair stablecoin products. Stablecoin remittances offer cheaper alternatives but still face challenges to adoption. Stables hopes to bridge that gap as it aggressively moves into new international markets in 2024.