Mastercard will update its existing card programme for cryptocurrency wallets and exchanges by making it simpler for partners to convert digital assets to traditional fiat currency.
The company is working with Evolve Bank & Trust and Paxos Trust Company, the blockchain infrastructure and regulated stablecoin issuance platform, and Circle, a global financial technology firm and the principal operator of the USD Coin (USDC), a dollar digital currency or stablecoin.
Mastercard and its partners will test the new capability to enable more banks and crypto companies to offer a card option to people wanting to spend their digital assets.
Mastercard is in discussions with Evolve Bank & Trust and Metropolitan Commercial Bank to issue cards, Uphold and BitPay to provide real-time crypto wallet technology, and i2c Inc., Apto Payments, and Galileo Financial Technologies to support processing and program management.
Paxos and Circle will use their platforms to facilitate the conversion of crypto to fiat through fiat-backed stablecoins.
“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, executive vice president of digital asset and blockchain products & partnerships at Mastercard. “Through our engagement with Evolve, Paxos, Circle and the larger digital assets community, Mastercard expects to deliver on our promise of consumer choice to provide options to people around the world on how and when to pay.”
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