Mastercard Partners with Crypto Giant: Crypto-Powered Stablecoin Cards Are Here!

Mastercard Partners with Crypto Giant: Spend Stablecoins Anywhere!

In order to offer stablecoin-powered cards, Mastercard has partnered with a cryptocurrency company once more. As a result, the company makes stablecoin payments possible for people and companies all across the world.

Stablecoins Made Easy: MoonPay Integrates Iron for Automatic Fiat Conversion

Iron, a stablecoin payment company that MoonPay purchased in March, will provide the infrastructure needed for the launch in collaboration with MoonPay. The conversion of transactions into fiat will happen automatically. Due to their price stability, which is based on a fiat currency like the US dollar, stablecoins have gained popularity as tools for cryptocurrency trading and payments.

Why Mastercard Keeps Investing in Stablecoins?

However, in many jurisdictions, regulatory clarity is still elusive. Some stablecoins aren’t securities, according to recommendations released by the U.S. Securities and Exchange Commission last month. The problems of yield-bearing and algorithmic fluctuations, however, were not addressed.

At the end of April, it also canceled a probe into PayPal’s stablecoin. Card networks are doubling down on stablecoin rails in spite of the legal haze, placing bets on their potential for use in cross-border trade, creator economies, and remittances. The most recent announcement broadens Mastercard’s list of partnerships in the cryptocurrency space.

Mastercard Teams Up with Nuvei and OKX for a Crypto Card Revolution

The payments behemoth collaborated on a related experiment in April with processor Nuvei and cryptocurrency exchange OKX. While Nuvei will supply merchant infrastructure in collaboration with stablecoin issuer Circle, OKX will introduce a new cryptocurrency card.

Mastercard Sets Its Sights on Outpacing Visa’s Latin America Crypto Moves

Additionally, Mastercard plans to surpass a previous move by rival Visa, which on May 1 unveiled a test program enabling stablecoin transactions for consumers in six Latin American nations. With Visa’s expansion into Argentina, Colombia, Ecuador, Mexico, Peru, and Chile, customers will be able to use stablecoins from their current balances to make payments. Later, it is anticipated to spread to Asia, Africa, and Europe.

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