Cryptocurrency payments firm MoonPay has launched a new stablecoin debit card that enables users to spend directly from their blockchain wallets.
The product, called the “MoonAgents Card,” is essentially a virtual Mastercard (NYSE: $MA) debit card that converts stablecoins into fiat currencies such as the U.S. dollar at point of payment.
MoonPay said the new debit cards can be used at any online merchant globally that accepts Mastercard debit or credit cards.
The card runs completely on Mastercard’s extensive global network.
MoonPay said that while stablecoin debit cards already exist, most require people to preload funds or move assets off the blockchain before they can be spent.
MoonPay added that if a transaction is declined for any reason, funds are returned to the user’s digital wallet immediately.
The stablecoin debit card is currently available in the United Kingdom (U.K.) and Latin America, with U.S. and European Union availability planned in the coming months, said MoonPay.
The new debit card can also be used by artificial intelligence (A.I.) agents that execute payments and financial transactions independent of human intervention.
MoonPay is a privately held company and its stock doesn’t trade on a public exchange.
