Mastercard is looking to become a target of governments and private institutions when it comes to testing and implementing central bank digital currencies or stablecoins.
Traditional card networks are competing to ensure their services remain at the heart of new developments in digital assets, whether they are central bank digital currencies or stablecoins. Private area.
In a call on July 29, Mastercard CEO Michael Miebach discussed recent developments in cryptocurrencies and CBDCs, convincingly that the company is well positioned to remain is at the heart of internal and international value flows:
“What we believe we do is bring a perspective to the market as a multimedia payments provider. We have to be in this space because people are looking for answers.”
Mastercard has been very proactive in catching up with digital currency innovations, in part due to competition with rival, Visa. In February, Mastercard announced plans to support cryptocurrency by 2021, paving the way for nearly one billion users to spend crypto at more than 30 million supported merchants worldwide.
During the call, Mr. Miebach argued:
“All of these countries have to make trade-offs between providing existing financial products and what CBDCs are addressing, whether that be financial inclusion or cross-border payments. We have experience with all of that.”
Mastercard is also not ignoring the stablecoin sector, which has seen successful coins like Circle’s USD Coin (USDC) and is poised for the launch of Facebook-linked Diem. Miebach confirmed that the company is getting its network ready to support stablecoin transactions, providing their issuers meet regulatory requirements and meet safety and consumer protection standards use.
Earlier this month, Mastercard announced new partnerships with Circle, Paxos, Evolve Bank & Trust and many others in a joint project to enable banks and crypto companies to deploy crypto-enabled tokens. can be used anywhere Mastercard is accepted.
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