Today Mastercard announced it would trial new solutions to expand the ability for people to spend digital assets using Mastercard cards. It has partnered with two stablecoin firms Paxos and Circle, to try out their stablecoin issuance platforms to convert cryptocurrencies into stablecoins to enable clients to spend money in dollars.
Mastercard previously outlined that it did not plan to directly support cryptocurrencies on its payment network but would enable native support of stablecoins and central bank digital currencies (CBDC). Hence card users that want to spend digital assets will have their payments converted into stablecoins transparently.
“Today not all crypto companies have the foundational infrastructure to convert cryptocurrency to traditional fiat currency, and we’re making it easier,” said Raj Dhamodharan, EVP of digital asset and blockchain products & partnerships at Mastercard.
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