Quick take:
Mastercard also announced partnerships with Fiserv, PayPal and Paxos’ Global Dollar Network as part of the Mastercard Move and the Mastercard Multi-Token Network.
The company will now support FIUSD through Mastercard products and services, including on/off-ramping, merchant settlement, and stablecoin-powered card issuance.
The partnerships enable the company to expand how 3.5 billion cards around the world can engage with crypto.
Mastercard, Inc. (NYSE: MA) has announced multiple partnerships with some of the leading players in the crypto industry. The global payments giant announced a partnership with the blockchain interoperability platform Chainlink, enabling more than 3 billion Mastercard holders around the world to purchase cryptocurrencies directly on-chain.
The announcement comes hot on the heels of Mastercard’s partnership with MoonPay, a leading crypto payments infrastructure provider and Kraken, one of the leading crypto exchange platforms.
This partnership integrates multiple services, including Shift4, ZeroHash, XSwap and Uniswap into Chainlink’s interoperability protocol, which facilitates data exchange between the Mastercard network and multiple blockchains.
Shift4 takes care of card payment processing, while ZeroHash custodies fiat currency, whilst also providing liquidity. On the other hand, Xswap and Uniswap execute the final token exchange on decentralised marketplaces.
This news was shortly followed by Mastercard’s announcement of its expansion of stablecoin support, partnering with Fiserv, the organisation behind the FIUSD stablecoin. This partnership integrates FIUSD across Mastercard products, enabling on/off-ramping, merchant settlement, and stablecoin-powered card issuance.
The company also joined the Paxos Global Dollar Network, allowing Paxos to enable any Mastercard institution to mint, distribute and redeem USDG to their customers.
The global card services company also said it continued to work with PYUSD through its partnership with PayPal to enable future network settlement capabilities with PYUSD.
These integrations follow Mastercard’s ongoing partnership with Circle for USDC settlements.
“We expect that consumers and businesses will continue to use fiat currency with their Mastercard cards for most use cases — it just works,” Mastercard said in a statement about its expanded stablecoin support, adding that regulated stablecoins are undoubtedly part of the evolution of digital payments.
“At Mastercard, we’re not waiting for the future — we’re building it. From tokenised deposits to programmable money, we’re investing in the infrastructure, interfaces, partnerships and protections that will define the next generation of payments.”
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The post Mastercard Ramps Up Crypto Payments Integration with New Multi-Partnership Deals appeared first on NFTgators .
