Mastercard and MoonPay Roll Out Stablecoin Cards for Global Use

Highlights:

• Mastercard has teamed up with MoonPay to launch stablecoin cards for use at global locations.
• Stablecoins have processed over double the volume of Visa in the past year.
• Iron Platform helps users spend stablecoins like cash and supports payments for businesses.

Mastercard has teamed up with MoonPay to launch payment cards that support stablecoins. The plan is to connect digital assets with the existing financial systems. Every time a user pays with stablecoins using the cards, the amount is instantaneously converted into fiat currency.

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The project makes use of the infrastructure from Iron, a payment company bought by MoonPay in March. Merchants can easily transfer stablecoins and complete quick fiat settlement with this system. It means companies no longer need to handle cryptocurrency themselves. Meanwhile, the collaboration introduces stablecoin payments to close to 150 million merchants globally. Mastercard and MoonPay aim to make it easy and safe for people who prefer online purchases.

Many people have started using stablecoins because their prices are predictable. A large number of them are backed by the U.S. dollar and similar conventional assets. When it comes to payments and trade, stablecoins give investors and traders a more secure option than crypto such as Bitcoin.

Stablecoin Activity Surges as Payment Firms Join the Market

Over the years, stablecoin users have increased. In particular, the total transaction volume stands at $3.5 trillion, according to Artemis. The number of transactions stands at 744.1 million, an increase of 36% in the past 30 days.

The supply of stablecoins in circulation is now worth $214 billion. The monthly volumes of stablecoin transactions rose from $1.9 trillion to $4.1 trillion. The figures suggest that businesses are using stable digital payment methods.

The SEC said in April that stablecoins whose assets are low-risk and tied to the dollar do not count as securities. Meanwhile, Mastercard has formed partnerships with OKX to issue crypto cards and to handle payments by merchants using stablecoins. Nuvei has joined with Circle to provide stablecoin infrastructure.

MoonPay’s service connects to more than 500 top crypto services, wallets, and exchanges. More than 100 million people are currently connected to its network. It is estimated that approximately 20 million people conduct stablecoin transactions on a monthly basis, and globally around 120 million wallets hold balances of stablecoins.

Mastercard Partnership to Simplify Global Payments

Making payments to freelancers and creators has now become possible with stablecoins. Stablecoins make transfers cheaper and faster, especially for people who don’t have easy access to banks. The Iron platform allows wallets to function the same as digital bank accounts. The platform allows users to deal with their stablecoins and spend them effectively across international borders. In particular, many businesses use this infrastructure to make major disbursements and payouts.

Scott Abrahams, Executive Vice President of Global Partnerships at Mastercard, said:

“Together with MoonPay, we’re building innovative and secure connectivity between crypto and mainstream finance ecosystems, grounded by trust and driven by scale.”

Mastercard is growing its involvement in the digital asset business by allowing stablecoins to be used for real purchases with its cards. The company hopes to improve international and cross-sector payments by partnering with MoonPay.

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