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.” Raj Dhamodharan, executive vice president of digital asset and blockchain products & partnerships at Mastercard, commented: “Today not all crypto companies have the foundational infrastructure to convert cryptocurrency to traditional fiat currency, and we’re making it easier. Today’s news, enhancing the experience for cryptocurrency exchanges, is a critical step in expanding the ecosystem and safely, securely and compliantly setting the stage for the future of crypto payments. Mastercard announced in February 2021 it is preparing to enable select stablecoins directly on its network, expanding the future potential of digital assets and payments. Mastercard’s engagement with Evolve, Paxos and Circle solves this challenge for players across the industry. Until now, crypto providers planning to launch or expand card programs could find it operationally challenging to perform the currency conversion, a critical step preceding the settlement on Mastercard’s network. Today, when people spend cryptocurrency such as Bitcoin, Bitcoin Cash, Ether, or Litecoin, it must enter and settle on Mastercard’s network as traditional fiat currency, such as the U.S. Working with Evolve Bank & Trust and Paxos Trust Company, the leading 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 this new capability to enable more banks and crypto companies to offer a card option to people wanting to spend their digital assets anywhere Mastercard is accepted. PURCHASE, N.Y.-( BUSINESS WIRE)-Mastercard announced today it will enhance its card program for cryptocurrency wallets and exchanges, making it simpler for partners to convert cryptocurrency to traditional fiat currency.
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