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Mastercard, one of the world’s largest payment networks, is doubling down on its blockchain ambitions with the development of a crypto-powered payment system designed to rival platforms like Venmo and Zelle. The initiative aims to bridge traditional finance (TradFi) and decentralized finance (DeFi), providing consumers, merchants, and financial institutions with seamless access to digital assets.
Multi-Token Network: The Backbone of Mastercard’s Strategy
At the core of Mastercard’s blockchain efforts is its Multi-Token Network (MTN), launched in 2023. This programmable blockchain infrastructure enables banks and financial institutions to securely build on-chain solutions while maintaining compliance. The MTN supports key use cases such as:
- Cross-Border Payments: In November 2024, Mastercard integrated MTN with JPMorgan’s blockchain unit to streamline cross-border transactions, reducing settlement times from days to minutes.
- Tokenized Assets: Collaborations with Standard Chartered and Ondo Finance have explored tokenizing deposits, carbon credits, and money market funds.
- Consumer-Facing Solutions: Over 100 crypto-focused card programs have been introduced globally, allowing Mastercard’s 3.5 billion cardholders to earn cryptocurrency rewards, use prepaid cards, or transact seamlessly between fiat and crypto.
Venmo-Like Experience for Blockchain Transactions
Raj Dhamodharan, Mastercard’s Executive Vice President of Blockchain and Digital Assets, emphasized the company’s vision to create a user-friendly framework for blockchain transactions. “We bring the scale and reach that we have to the space for the money to flow between the two worlds in a simple way,” Dhamodharan said. The goal is to make blockchain-based transactions as intuitive as using Venmo or Zelle, ensuring compliance while optimizing user experience.
Strategic Partnerships Driving Adoption
Mastercard has forged partnerships with major financial institutions like JPMorgan and Standard Chartered to pilot blockchain applications. These collaborations focus on real-world use cases such as tokenizing assets and enabling round-the-clock settlements. By leveraging its extensive payment network expertise, Mastercard is positioning itself as a vital infrastructure provider in the digital asset space.
Regulatory Tailwinds Boosting Momentum
The initiative comes at a time when regulatory clarity in the U.S. is encouraging traditional financial firms to engage with crypto. Political support for digital assets has accelerated the development of public blockchains and tokenized protocols, creating new opportunities for Mastercard to expand its reach.
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