Australian Wallet Launches Stablecoin-Powered Remittances to PH
Its app is available on the Google Play Store, with more than 5,000 downloads, as of this writing.
- Stables announced that its users can now offramp stablecoins USDC and USDT into Philippine Peso.
- The fact that more Filipinos are interested in crypto trading and blockchain gaming leads them to look for more ways to offramp their tokens, as per Stables.
- The firm also pledged to enter more markets, enabling them to offer more currency conversions.
Citing the Bangko Sentral ng Pilipinas (BSP) report that showed that 44% of Filipinos aged 15 and above are unbanked, leading to increased usage of e-wallets, like GCash and Maya, in the country, an Australia-based digital wallet announced that its users can now offramp stablecoins USDC and USDT into Philippine Peso.
Stables Enters PH Market
In a statement, Stables shared that it has chosen the Philippines as the second country behind Australia to launch its services, “marking the second internationally supported market for fiat offramps.”
The firm was launched in February 2021, as part of the Australian government’s initiative to introduce a regulatory framework for entities providing access to digital assets and holding them for its citizens, the developers explained.
A month after the launch, Stables introduced the country’s first stablecoin-only wallet in partnership with Mastercard. This means that Australian nationals can convert stablecoins into fiat currency and spend on stores that accept Mastercard cards.
Stables Announces Offramp Service to PHP
Moreover, one of the reasons why the firm chose the country is that the Philippines is reportedly among the top 10 countries with a high crypto adoption rate because of blockchain games. This results in more Filipinos to look for more ways to offramp their tokens, as per Stables.
“Today is an exciting milestone for our startup as we expand our global footprint and reach, enabling one of the smoothest experiences for off-ramping stablecoins into Philippine Peso – in addition to our already supported Australian Dollars,” Stables CEO Erez Rachamim said in a media conference.
An offramp service allows users to convert crypto into fiat, in this case, stablecoins to Philippine Peso. Stables claimed to be available in over 130 countries around the globe, “allowing users to spend, send and earn stablecoins all on one balance.”
Its app is available on the Google Play Store, with more than 5,000 downloads, as of this writing.
Future Plans of Stables
According to Stables, it has already reached 30,000 users worldwide, despite entering only two markets. But for Rachamim, this initiative is just the start of their journey, and the firm is expected to enter more markets:
“We will be supporting more currencies for fiat off-ramping before the end of the year, in addition to enabling our Stables Mastercard in other global markets. This announcement marks the first step Stables is taking toward a stablecoin-powered future of payments.”
“At Stables, our mission is to open up the accessibility of stablecoin products to users across the world, especially those who may be underserved by traditional banks and financial service providers,” the CEO concluded.
This article is published on BitPinas: Australian Wallet Now Allows USDT, USDC Direct Conversion to PHP
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