Mastercard has announced a pilot program with Circle, the payment technology company behind the widely used USDC stablecoin.
Mastercard is testing USDC on your platform. The test is designed to facilitate crypto to fiat conversions. It will allow customers to spend their crypto assets more easily as card issuers and crypto companies clear payments to Mastercard.
Jeremy Allaire, Co-Founder and CEO of Circle, adds:
“The engagement between Circle and Mastercard reinforces how USDC is increasing its role in Internet commerce and payments, while building a vital bridge between digital currency payment systems and large established payment networks.”
The USDC has grown tremendously since its inception in 2018. The Ethereum-based stablecoin has grown to more than $ 25 billion in circulation and has facilitated more than $ 785,000,000,000 in on-chain transaction volume. Mastercard Executive Vice President of Digital Assets and Blockchain Products and Associations Raj Dhamodharan shares how the collaboration of companies will facilitate the conversion of cryptocurrencies such as Bitcoin and Ethereum into fiat currencies with the least possible friction.
“The engagement between Mastercard and Circle creates new payment and trading opportunities in digital currencies.
The crypto market continues to mature and we are pushing it together to reduce friction and create options for people. “
Mastercard’s collaboration with Circle is not the first time for the USDC provider. In December 2020, Visa will also Announced its own partnership with Circle to use USDC as payment settlement.
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Featured Image: Shutterstock / Tithi Luadthong