Mastercard is making waves in the financial technology sector with its latest announcement regarding the expansion of its global settlement infrastructure. According to the official information, this move marks a significant milestone as the company embraces on-chain settlement using regulated stablecoins, a first in its history.
Mastercard Introduces 24/7 Card Transactions
On June 3, Mastercard revealed that its new system will allow card transactions to settle 24/7, breaking free from the constraints of traditional banking hours. This enhancement is set to streamline the transaction process, making it more efficient for both users and merchants.
Supported Stablecoins and Blockchain Networks
The initial rollout will support six regulated stablecoins, including:
- Circle's USDC
- PayPal's PYUSD
- Ripple's XRP
These stablecoins will operate across eight blockchain networks, including popular platforms like Ethereum and Solana. This strategic move not only enhances transaction speed but also positions Mastercard at the forefront of the evolving digital currency landscape.
In a recent development, Visa announced a partnership with Bridge to launch stablecoin-linked payment cards globally, contrasting Mastercard's new 24/7 card transaction system. For more details, visit read more.
