Stables enhances global remittances between Australia & the Philippines

By Gloria Mathias

Stables, an Australian digital wallet provider and payment startup, has launched international remittances for thousands of users, focusing on the Australia-Philippines Corridor.

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 more than $40 billion per year (with $5.76 billion from Australia alone).

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.”

Founded in February 2021, Stables aims 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.