Mastercard to Launch Stablecoin Payment Card Service Via MoonPay Partnership

Payments giant Mastercard is expanding its footprint in the crypto space. The multinational giant has announced the launch of stablecoin payment card services in a strategic partnership with MoonPay, a multinational financial technology company.

Significantly, this development marks a critical milestone in the integration of traditional finance and blockchain technology, enabling global crypto transactions.

Mastercard is reportedly leveraging infrastructure from Iron, a stablecoin payment firm acquired by MoonPay in March. In simple terms, the Mastercard-MoonPay collaboration enables seamless conversion of stablecoin transactions into fiat currency.

Notably, this significant initiative addresses the growing influence of stablecoins over traditional assets and even highly volatile cryptocurrencies like Bitcoin. Due to their stability, businesses and traders are choosing stablecoins over other payment options.

The fintech giant’s MoonPay partnership is part of its stablecoin endorsement program. In late April, Mastercard revealed end-to-end capabilities to support stablecoins.

This move gains more traction considering the prevailing ambiguities surrounding stablecoin regulations in the United States. Despite huge support from the crypto industry, the Senate failed to advance the much-hyped GENIUS Act, sparking controversy. XRP lawyer John Deaton warned that the Senate’s inaction on the stablecoin bill could delay crypto reform until 2029.

Despite regulatory uncertainties, this development is set to bring stablecoin payments to a massive network of approximately 150 million merchants worldwide.

Mastercard has been aggressively exploring opportunities in the crypto space, embracing the potential of blockchain technology through strategic partnerships. Earlier this year, the company collaborated with crypto exchange OKX and payment processor Nuvei to launch a crypto card.