Stables

About Stables

Stables is a financial technology firm, established in 2021 and headquartered in Singapore, that operates at the intersection of traditional finance and the digital asset economy. The company was founded by Erez Rachamim (CEO), Bernardo B (CEO), Daniel L. (COO), and David Nichols, a team with collective experience in building widely adopted fintech applications, including neobanks and personal finance management tools. Their shared background in venture capital and fintech spurred the creation of a platform designed to simplify interaction with digital assets for a broader audience.

The core of Stables' business is a digital wallet designed specifically for stablecoins, which are cryptocurrencies pegged to stable assets like the U.S. dollar. The platform addresses the complexity and fragmented user experience often associated with decentralized finance (DeFi), aiming to make stablecoins accessible for everyday transactions. Users can fund their accounts by purchasing stablecoins (such as USDT, USDC, DAI, and PYUSD) with traditional currencies via bank transfers and other local payment methods, or by depositing popular cryptocurrencies from over ten crypto networks. The service is built for a diverse clientele, including businesses needing to pay international invoices or employees, remote workers receiving global payments, world travelers, and cryptocurrency enthusiasts engaging with dApps.

Stables generates revenue by acting as an intermediary, although specific fee structures are not detailed. The business model combines payment rails from the conventional banking system with cryptocurrency networks. A key feature of their offering is the Stables card, a result of a partnership with Mastercard, which allows users to spend their stablecoin balance directly on goods and services in-store and online without incurring foreign exchange fees. The platform also facilitates international remittances, enabling users to send stablecoins globally, which can then be received as cash in over 30 currencies through various payout options like bank accounts and mobile wallets. For business clients, Stables offers EUR and USD virtual accounts to collect payments from customers worldwide.

Since its inception, the company has secured significant financial backing from a range of investors. A seed round in March 2022 raised $5.2 million, with participation from notable firms such as Global Founders Capital, FinTech Collective, Jump Capital, and DACM. By September 2024, the total funding raised reached $3.87 million, indicating ongoing investor confidence in the company's vision to bridge the gap between DeFi's potential and mainstream usability.