Mastercard has announced a pilot program with Circle, the payment technology company behind the widely-used stablecoin USDC.
Mastercard is testing USDC on its platform. The trial is designed to facilitate crypto-to-fiat conversions. It will allow customers to spend their crypto assets more easily as card issuers and crypto businesses settle payments to Mastercard.
Circle co-founder and CEO Jeremy Allaire adds,
“The engagement between Circle and Mastercard reinforces how USDC is growing its role in payments and commerce on the internet, while building a vital bridge between digital currency payment systems and large, established payment networks.”
USDC has grown immensely since its 2018 inception. The Ethereum-based stablecoin has grown to over $25 billion in circulation and has facilitated over $785,000,000,000 in on-chain transaction volume. Mastercard executive vice president of digital asset and blockchain products and partnerships Raj Dhamodharan shares how the companies’ collaboration will make it simpler to convert cryptocurrencies like Bitcoin and Ethereum into fiat currencies with as little friction as possible.
“The engagement between Mastercard and Circle fuels new payment opportunities and commerce in digital currencies.
The cryptocurrency market continues to mature and we are driving it forward together to reduce friction and create choice for people.”
Mastercard’s collaboration with Circle isn’t a first for the USDC provider. In December 2020, Visa also announced its own partnership with Circle to utilize USDC as settlement for payments.
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Featured Image: Shutterstock/Tithi Luadthong