Opinion
Stablecoins are gaining renewed momentum, as major banks and payment giants enter the market, but questions remain about their stability, regulatory oversight and the risks posed by centralization and fraud.
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Mastercard News
Mastercard Worldwide, or Mastercard incorporated, is an international payment system and transnational financial corporation that unifies 22,000 financial organizations in 210 countries around the world. The company was founded in 1966 with the merger of several Californian banks to compete with Bank of America, which currently works with Visa — Mastercard’s main opponent. The company is currently headquartered in New York and Mastercard’s CEO is Ajaypal Singh Banga. The main activity of Mastercard is the processing of payments between the acquired banks, which serve as the place of trades, and other credit corporations that use Mastercard’s debit and credit cards. The Mastercard association is aimed at managing the business, promoting the brand, and developing and implementing new technologies, such as a contactless way of making payment called PayPass.
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Mastercard also partnered with OKX for a crypto-enabled bank card, which Mastercard product chief, Jorn Lambert, said creates a “360-degree approach” to stablecoins.
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Kraken’s Mastercard crypto debit cards will be available in the coming weeks, with clients currently joining a waitlist for the product.
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The annualized transaction value of stablecoins surpassed $15.6 trillion in 2024, or 119% of those by Visa and 200% of Mastercard.
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Mastercard tokenized 30% of transactions in 2024. It views stablecoins as competition, acknowledging crypto’s potential to disrupt traditional finance.
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Floki is one of a growing number of crypto firms issuing regional payment cards that let users spend cryptocurrencies.
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The new offering will be available across all Crypto.com card tiers with up to 8% rewards on spending.
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The Mastercard Multi-Token Network is connecting with JPMorgan’s ambitious Kinexys Digital Payments for faster settlement.
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The cards integrate balances in fiat money, stablecoins and cryptocurrencies held in custody accounts.
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According to a report, the two companies spent a combined $80 million lobbying against credit card competition acts.
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Mastercard partners with Mercuryo to launch a euro-denominated crypto debit card, enabling users to spend crypto from self-custodial wallets at over 100 million merchants.
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The Web3 individuality mechanism will require a unique, algorithmically generated tattoo to prove digital citizenship.
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More than 1 billion individuals remain unbanked or lack adequate access to banking services, according to 2022 data from the World Bank.
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Wirex co-founders discuss the shift toward self-custody wallets amid declining trust in centralized platforms and introduce Wirex Pay as a solution.
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Binance has resumed allowing its users to purchase crypto using Mastercard. Does this signal the end of Binance’s regulatory troubles?
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