Anna Martynova

Mastercard announced that it will expand its card program for wallets and crypto exchanges, making it easier to convert crypto assets into traditional fiat currency. To achieve this goal, Mastercard has formed a group of partners including blockchain infrastructure platform Paxos, Evolve Bank&Trust and USDC stablecoin issuer Circle.

In February 2021, Mastercard announced plans to support cryptocurrency payments. Back then, the company hinted at using stablecoins to facilitate transactions. However, no specific stablecoin issuer was mentioned at the time. In announcing its partnership with Circle, Mastercard chose USDC as a stablecoin.

USDC Circle will act as a bridge between the client’s cryptoassets and the fiat money paid to the merchant. Prior to settlement in USD, a new process will convert the cryptocurrency to USDC stablecoin. The additional step will simplify the process of converting cryptocurrency to fiat. It will also allow more companies to accept cryptocurrency payments through Mastercard without worrying about currency conversions.

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