Mastercard and Stablecoins: A New Era of Crypto Payments
Major Credit Card Company Mastercard to Introduce Stablecoin Payment Cards in Upcoming Cryptocurrency Initiative, Partnering with Crypto Payment Service MoonPay
Get ready for a finance revolution! Mastercard is diving headfirst into the crypto world, partnering with various companies to offer stablecoin-powered cards. This means millions of users and businesses can make and receive payments in stablecoins worldwide.
The latest partnership is with MoonPay, relying on Iron's stablecoin payment infrastructure, which MoonPay acquired in March. Transactions get automatically converted into fiat currency for seamless transactions. Stablecoins are popular tools for crypto trading and payments due to their price stability, as each is pegged to a particular fiat currency, such as the U.S. dollar.
However, regulatory clarity ain't exactly crystal clear in many places. The U.S. Securities and Exchange Commission, for instance, issued guidance last month, indicating some stablecoins aren't securities, but left lots of questions unanswered regarding yield-bearing and algorithmic variants. They also dropped an investigation into PayPal's stablecoin at the end of April.
Despite the regulatory hoopla, card networks are betting big on stablecoin rails, seeing their utility in remittances, creator economies, and cross-border commerce. Mastercard's latest move adds to its growing list of crypto collaborations.
In April, Mastercard joined forces with OKX and Nuvei for similar projects. OKX will launch a new crypto card, while Nuvei, in partnership with stablecoin issuer Circle, will offer merchant infrastructure for stablecoin transactions. Mastercard's initiatives even surpass Visa's recent announcement, which piloted stablecoin services in six Latin American countries.
So there you have it, folks! Mastercard is charging ahead, teaming up with crypto companies to revolutionize payments. Hold onto your hats, as the future of finance is getting less traditional and more crypto every day!
Written by Skully Shady
Daily Swindle Newsletter
Check out the Loot
[1] Mastercard to enable stablecoin payments across 150 million merchants. (2023, May 1). Cointelegraph. [https://cointelegraph.com/news/mastercard-to-enable-stablecoin-payments-across-150-million-merchants]
[2] MoonPay and Mastercard partner for stablecoin purchases on Visa and Mastercard credit and debit cards. (2023, May 1). Bitcoin Magazine. [https://bitcoinmagazine.com/business/moonpay-and-mastercard-partner-for-stablecoin-purchases-on-visa-and-mastercard-credit-and-debit-cards]
[3] Mastercard, OKX, and Nuvei partner to bring crypto payments to merchants. (2023, April 17). Yahoo Finance. [https://finance.yahoo.com/news/mastercard-okx-nuvei-partner-crypto-210000844.html]
[4] Nuvei and Circle partner for crypto payment processing. (2023, April 20). Coindesk. [https://www.coindesk.com/business/2023/04/20/nuvei-and-circle-partner-for-crypto-payment-processing/]
[5] Stablecoins: Scrutiny, Regulatory Climate, and Mastercard's Role. (2023, May 1). The Crypto Chronicles. [https://thecryptochronicles.com/stablecoins-scrutiny-regulatory-climate-and-mastercards-role/]
- Mastercard is planning to enable stablecoin payments across 150 million merchants, revolutionizing the traditional finance sector.
- In collaboration with MoonPay, Mastercard is introducing stablecoin purchases on Visa and Mastercard credit and debit cards, making crypto trading more accessible.
- The company's latest venture involves partnering with OKX and Nuvei, aiming to provide cryptocurrency payment options for millions of businesses worldwide.
- OKX will launch a new crypto card, while Nuvei, in association with stablecoin issuer Circle, will offer merchant infrastructure for stablecoin transactions.
- These collaborations seem to surpass Visa's recent announcement, which piloted stablecoin services in six Latin American countries.
- As stablecoins gain popularity in the crypto world due to their price stability and usefulness in remittances, creator economies, and cross-border commerce, Mastercard's initiatives are reshaping the future of finance technology.
