Today Mastercard announced it is joining the Global Dollar Network, a stablecoin consortium founded by Paxos that supports multiple distributors who share in USDG revenues. Robinhood is one of the co-founders. This will enable any Mastercard institution including banks to mint, distribute and redeem the USDG stablecoin to their customers. The Global Dollar Network partnership represents just one part of Mastercard’s broader stablecoin strategy.
Additionally, the card company disclosed initiatives to support more stablecoins such as Fiserv’s FIUSD and PayPal’s PYUSD. Fiserv unveiled plans for its FIUSD stablecoin yesterday, and Mastercard aims to help with on- and off-ramping, merchant settlement and stablecoin cards. It’s also working with PayPal to enable network settlement using PYUSD. These initiatives are in addition to its long standing integration with USDC.
While these new partnerships expand Mastercard’s stablecoin ecosystem, the company has been building in this space for some time. This includes partnerships with the MetaMask wallet and exchanges including Crypto.com, Kraken and OKX. But today’s announcement is a major expansion, including adding new digital currency applications.
The Mastercard One Credential was designed to provide a digital credential to let users choose whether to pay by installments, with credit or debit. Now it will add a stablecoin option.
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