Australian digital wallet provider and payment startup, Stables, has made a significant announcement, unveiling the launch of international remittances for its extensive user base, with a particular focus on the AU-PH Corridor. This strategic move enables Stables users across more than 130 countries to send Australian Dollars or Philippine Pesos to over 140 million individuals in Australia and the Philippines, all facilitated by stablecoins.

The Philippines, renowned as the largest importer of remittances within Southeast Asia, witnesses inflows exceeding $40 billion annually, with a notable $5.76 billion originating from Australia alone. Recent years have seen a surge in the adoption of digital payment methods in the Philippines, driven by approximately 44% of the population aged 15 and above estimated to be unbanked. This growing acceptance of digital wallets and e-wallets, such as Gcash, underscores the fertile ground for innovations in the region.

Backed by the escalating market capitalization of stablecoins, which soared to over $140 billion in March 2024, Stables and its founders exhibit unwavering confidence in the potential of stablecoins to offer users speed, low-cost settlement, security, and reliability.

In 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.”

Having cultivated robust relationships and partnerships with major global payment entities like Mastercard, Stables continues its journey to democratize access to the global financial system through transparent and equitable stablecoin products. Leveraging Circle Internet Financial (Circle)’s USDC, Stables introduced the Stables Mastercard™ virtual prepaid card in 2023, enabling customers to seamlessly spend their stablecoin balance anywhere Mastercard cards are accepted, either in-store or online.

Founded in February 2021, Stables is steadfast in its mission to empower individuals to navigate the global financial landscape through fair and transparent stablecoin offerings. With stablecoin remittances emerging as cost-effective alternatives, Stables aims to bridge adoption challenges as it ventures into new international markets in 2024.