Post-GENIUS Act, Mastercard Backs Stablecoins with Centralized Approach
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Mastercard has officially embraced stablecoins, positioning itself as a vital component of the evolving financial system. The discourse surrounding stablecoins is being significantly influenced by the recent passage of the #GENIUSAct
Mastercard, a leading payments company, expressed its support for stablecoins, whch removes a significant obstacle to their growth. However, the concept of decentralized money does no align with Mastercard’s vision fr the future
This development represents a pivotal moment for stablecoins.The U.S Congress’s enactment of the #GENIUSAct ushers in a new era of clear regulations & heightened trust in digital assets, according to Jesse McWaters, Executive Vice President at Mastercard
McWaters emphasized that stablecoins are already being utilized in practical applications, particularly for international payments.They provide a fast and cost-effective alternative to traditional banking transfers & other payment methods for international business-to-business transactions or remittances
However,McWaters believes that an essential element missing from stablecoins is an intermediary like Mastercard. Mastercard describes itself as“one of the world’s most trusted payments networks” & aims to play a vital role as a centralized middleman in a stablecoin ecosystem
Still, stablecoins need more than speed and programmability to move from niche to mainstream
They must be part of trustworthy systems that protect users,resolve issues,& work smoothly across platforms and borders, according to McWaters.“Mastercard can help with that,”he added
The large payments company has already begun several projects focused on stablecoins,including features that enhance user protection & compliance,such as Mastercard Crypto Credential & Mastercard Multi-Token Network. Mastercard envisions a future where trust shifts away from peer-to-peer systems that lack reliability