Stables Summary 2024

Who are the founders of Stables? 

Stables is one of Australia’s new wave of crypto debit card providers with a twist – they only use stablecoins. The business was co-founded by Erez Rachamim, Bernardo Bilotta, Daniel Li, David Nichols, and Tony Tao. 

A product of the 2021 bull run, Stables have teamed up with Mastercard to let Aussies spend USDC, USDT, DAI & PYUSD at local and international merchants like they would AUD. 

In 2024, Stables is gearing up to expand their card offering to both Europe and Southeast Asia.

From Left Erez Rachamim (CEO), Bernardo Bilotta (CPO) and Daniel Li (COO). (David Nichols (CRO) and Tony Tao (CTO) not pictured).

What Can You Do on Stables?

Spend

Stables’ key service is its debit card. The Mastercard-affiliated product allows customers to spend supported stablecoins at both brick-and-mortar and online retailers. The USD stablecoin card can be used both locally and internationally.

Send

The Stables smartphone app also comes with an in-built wallet for managing your stablecoins. This can also be used to send and receive stablecoins comparable to transferring fiat from one bank account to another. These transactions presently occur on the Polygon network but Stables is working on expanding their supported blockchains. You can send it to other Stables users or to a wallet address on a supported chain. On-chain transactions to an external wallet incur a fee, but stables-to-stables off-chain transfers are free.

Check out the Stables website for a signup offer.

Bridge / Swap

Stables supports Native USDC, USDT, DAI and PYUSD deposits across 7 EVM chains and Solana. All funds are stored as USDC on Polygon, and can be withdrawn as USDC or USDT across the 7 EVM chains, with more blockchains announced to be coming soon.

Related: Crypto debit cards available in Australia

For example, this means if you have USDT on Binance Smart Chain and wanted USDC on Polygon, Stables could be an extremely efficient way of converting your stablecoins and going cross-chain with them.

What are the fees? 

• There are no fees for receiving, storing or spending stablecoins (although there is a spread). 
• Buying/selling USDC with fiat in-app incurs a variable fee.
• Transferring to an external wallet: Gas fee +0.25% (Max AUD $10)

Here is a full breakdown of the fees: 

Receive stablecoins	$0
Store stablecoins	$0
Buy USDC with cash	Conversion rate/fee applies
Sell USDC for cash	Conversion rate/fee applies
Spend USDC with card	Domestic Cardholder Fees – Up to 1.5% of the transaction amount International Cardholder Fees – Up to 2.99% of the transaction amount
Send to an external wallet	Gas fee + 0.25% (max $10)
Send to a Stables wallet	$0
Withdraw USDC	Gas fee + 0.25% (max $10)

App overview

• Apple and Google Pay functionality – the Stables Virtual card can be loaded up and spent on most modern smartphones.
• Biometric login capabilities for additional security, including thumbprint and facial recognition.
• The Stables card can be spent anywhere internationally or locally that accepts Mastercard.
• Send, receive and buy USDC with the Stables mobile app. 
• “Refer a Fren” referral program (coming soon) that rewards new and existing customers with USDC.
• 24/7 customer service.
• 4.8/5-star rating on App Store and 4.9/5 on Google Play Store (as of 31 January 2024).

Check out the Stables website for a signup offer.

Crypto News Australia disclaimers

This information provided by Crypto News Australia is factual information only. This information does not include any type of advice, nor does it contain recommendations or opinions intended to influence any person to make a decision about a financial product. Crypto News Australia were remunerated by Stables to post this summary, but does not receive any ongoing remuneration.

Stables disclaimers

Stables powered by Tiiik Pty Ltd ACN 639 448 490 is a registered Digital Currency Exchange (DCE) provider with AUSTRAC – DCE100780083-001. Tiiik is also registered as an independent remittance dealer with AUSTRAC – IND100780083-001

The Stables Card Mastercard® powered by Tiiik Pty Ltd is issued by EML Payment Solutions Limited ABN 30 131 436 532, AFSL 404 131 (“Issuer”), and is managed by Mastercard Prepaid Management Services Australia Pty Ltd ABN 47 145 044, AFSL 386 837. You should consider the Product Disclosure Statement and Target Market Determination for this product located here.