“Many of us in the industry are moving beyond experimentation; these are real solutions,” he stated, noting that Mastercard has already enabled financial institutions to make payments using stablecoins. These institutions can settle transactions with stablecoins, reflecting a broader trend towards the adoption of cryptocurrencies.
Recently, the payment giant announced a partnership with Notabene, a firm focused on crypto compliance, which will integrate Mastercard's Crypto Credential into its SafeTransact platform to enhance the security and convenience of transactions involving digital assets.
The Crypto Credential system remains central to Mastercard's efforts to make cryptocurrency more mainstream. It allows users to send funds using familiar identifiers, such as email addresses, instead of complex wallet addresses, while ensuring compliance with regulatory standards. The system also helps prevent misdirected transactions by verifying whether the recipient's wallet can accept a specific asset.
“What holds cryptocurrencies back from becoming mainstream is that consumers need to be able to find each other using what they already know,” said Dhamodharan.