Hassan Maishera
TL;DR
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Payment giant Mastercard has enabled USDG, USDC, PYUSD, and FIUSD across its network.
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The company is expanding its network to include a range of stablecoins for everyday payments and cross-border settlements.
Mastercard Adds Support for More Stablecoins
Mastercard announced earlier this week that it is expanding its stablecoin network thanks to its partnership with some cryptocurrency firms. The integration would enable Mastercard to support everyday payments.
In its blog post on Tuesday, Mastercard added that it will integrate several stablecoins, including PayPal’s PYUSD, the Paxos-led Global Dollar (USDG), and Fiserv’s recently unveiled FIUSD, into its global network. This is in addition to Circle’s USDC already active on its platform.
Mastercard is also introducing stablecoin transactions for cross-border payments through Mastercard Move. Mastercard Move will enable financial institutions and wallets to send and receive stablecoin flows seamlessly.
The company is also introducing Mastercard One Credential to the digital asset space, offering consumers a flexible way to spend both fiat and stablecoin balances through a single product, exploring with Fiserv as a first adopter.
Finally, Mastercard added that the Mastercard Multi-Token Network (MTN) is built to power programmable payments and stablecoin settlement for digital assets and B2B applications, solving a range of pain points for the multi-trillion-dollar industry. Fiserv’s Digital Asset Platform, powered by Finxact, plans to leverage the Mastercard MTN to bring off-the-shelf support for programmable, on-chain commerce for banks.
While commenting on this latest development, Jorn Lambert, chief product officer at Mastercard, said,
"We expect that consumers and businesses will continue to use fiat currency with their Mastercard cards for most use cases. But regulated stablecoins are undoubtedly part of the evolution of digital payments."
This latest development comes amid growing institutional demand for stablecoins after the U.S. Senate passed the GENIUS Act to regulate the stablecoin sector.
