Mastercard, MoonPay team up to support stablecoin payments

Mastercard is joining forces with MoonPay to support stablecoin payments across global markets. MoonPay is a financial technology company that provides the infrastructure for crypto payments. It acts as a payment processor that allows users to buy and sell cryptocurrencies using traditional payment methods, like credit cards or bank transfers.

In a press release, Mastercard said the partnership means enterprises and fintechs will now be able to leverage Mastercard-branded cards linked to users' stablecoin balances, empowering cardholders to spend their stablecoins, which will then be converted simultaneously to fiat currencies. The capability will be available at any of the more than 150 million locations, worldwide, where Mastercard is accepted.

API-driven infrastructure

The partnership will use an API-driven stablecoin infrastructure to facilitate stablecoin-powered payments for businesses and transform crypto wallets into new digital bank accounts for seamless global transactions. The result will be that businesses, neobanks, and other payment participants will be able to easily manage payouts and disbursements more efficiently, improving cross-boarder money transfers. It will also allow businesses to offer stablecoin-based payouts to gig workers, contractors and creators.

MoonPay has an extensive network, with integrations across over 500 leading crypto platforms, including major wallets and exchanges, providing a combined reach in excess of 100 active crypto users. This "unique position" makes it possible to deploy stablecoin-powered Mastercard cards across the global payments and commerce ecosystem, Mastercard explained.

There are around 20 million crypto wallets globally that make monthly stablecoin transactions, with 120 million holding stablecoin balances, according to the venture capital firm Castle Island Ventures.

Expecting faster, more intuitive payments

Combining Mastercard's global payments network and digital asset capabilities with MoonPay's advanced infrastructure connecting the crypto economy, the partnerships is expected to deliver faster, more intuitive payment solutions for merchants and consumers alike.

"By providing solutions that unlock stablecoin utility and ubiquity, we are redefining how money moves globally and driving a shift in payments as we know it," said Scott Abrahams, executive vice president for global partnerships at Mastercard. "Together with MoonPay, we're building innovative and secure connectivity between crypto and mainstream finance ecosystems, grounded by trust and driven by scale."

"MoonPay serves the largest crypto wallets in the industry, and with Mastercard, we're bringing convenient, trust stablecoin-enabled cards to crypto users around the world," added Ivan Soto-Wright, founder and CEO at MoonPay.

Mastercard, in its press release, said the arrangement with MoonPay builds upon its "proven efforts and expertise" at enabling global, end-to-end stablecoin acceptance and payments capabilities, "ensuring that people and businesses can make and receive stablecoin payments – anytime, anywhere."

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