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Mastercard enters the trend of stablecoins with new cryptocurrency payment offering.
In recent years, Mastercard has partnered with exchanges Crypto.com, Bybit, Binance, and Kraken, as well as payment service providers Monavate and Bleap, to offer cryptocurrency services to its users. The company seeks to enable users to earn rewards and spend stablecoins from their wallets at 150 million establishments that accept Mastercard.
Stablecoins are digital tokens pegged to the value of assets that do not experience large price fluctuations, usually the US dollar. This type of cryptocurrency is commonly used by traders who need to quickly enter and exit transactions without relying on traditional banking services.
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The topic of stablecoins has gained prominence recently, as lawmakers are debating two bills related to this type of asset.
Earlier this month, the U.S. Securities and Exchange Commission (SEC) issued new guidance on stablecoins, stating in a release that certain types of dollar-pegged tokens are not considered securities, according to their view.
However, the SEC refrained from commenting on yield-bearing or algorithm-based stablecoins, leaving room for future interpretations by the agency.
Decrypt reached out to Mastercard for additional comments.
* Translated and edited with permission from Decrypt.
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