Crypto

Mastercard will use stablecoins for its future cryptocard

Source: Adobe / Igor Golovnev

MasterCard announced the launch of an enhanced version of its cryptocurrency card program designed to make it easier to convert cryptocurrency to fiat currency for partners, crypto wallets and exchanges.

The program is expected to reduce friction and improve customer experience, as well as provide more flexibility for consumers who want to spend their digital assets wherever Mastercard is accepted, the company said. Program partners include A circle, Paxos, Evolve Bank & Trust, Capital Commercial Bank, Support, BitPay, Apto Payments, i2c Inc, as well as Galileo Financial Technologies

When cryptocurrencies are spent today, they can only be settled on the Mastercard network using a fiat currency like the US dollar, which means that companies with their own card programs had to perform currency conversions.

“Today, not all cryptocurrency companies have the infrastructure to convert cryptocurrency to traditional fiat currency, and we make it easier for them,” he said. Raj Dhamodharan, Executive Vice President of Digital Assets and Blockchain Products at Mastercard.

The solution is the result of a collaboration between Mastercard, Evolve Bank & Trust and stablecoin issuers Paxos Trust Company, the issuer of the US dollar-backed Paxos Standard (PAX) stablecoin, and Circle, the issuer of the second stablecoin in the more important (in terms of market capitalization), the US dollar coin (USDC).

The pilot project of the solution will use USDC and PAX stablecoins to “facilitate the conversion of crypto-fiat money” between card issuers to facilitate settlement of payments on Mastercard.

“The partnership between Circle and Mastercard demonstrates that digital dollar currencies such as the USDC play a fundamental role in making payments more efficient and can foster new economic activity for businesses around the world,” it said. Dante Disparte, Strategic Director of Circle.

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