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Ruholamin Haqshanas
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Ruholamin Haqshanas
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Why Trust Cryptonews
Mastercard has reported that 30% of its transactions in 2024 were tokenized, recognizing stablecoins and other cryptocurrencies’ ability to disrupt traditional financial services.
In a recent U.S. Securities and Exchange Commission (SEC) filing, the company highlighted its progress in developing blockchain-based payment models and simplifying access to digital currencies.
The payment giant stated that it continues to support blockchain ecosystems and digital assets while maintaining strict risk management and continuous monitoring of its crypto-related partners.
Mastercard Expands Crypto Payments Through Industry Partnerships
Mastercard has also collaborated with various industry players to enable crypto purchases and seamless card payments using digital assets.
Beyond its advancements in blockchain, Mastercard reported $28.2 billion in net revenue for 2024, reflecting a 12% year-over-year increase.
The company acknowledged that stablecoins and cryptocurrencies are growing as competitors in the payments sector, with digital assets offering greater efficiency, accessibility, and immutability.
Stablecoins, in particular, have gained traction as regulatory discussions advance in the U.S. Lawmakers French Hill and Bryan Steil recently proposed a stablecoin regulatory framework, aiming to solidify the U.S. dollar’s dominance in global markets.
Data from crypto exchange CEX.io revealed that stablecoin transfer volume in 2024 reached $27.6 trillion, surpassing Visa and Mastercard’s combined figures.
Analysts attribute this rise to the increasing use of trading bots, which enhance market efficiency rather than inflating transaction volumes artificially.
As digital assets continue reshaping global finance, Mastercard’s embrace of tokenization and blockchain innovation signals a shift toward a more decentralized and crypto-integrated payment landscape.
Last month, Mastercard unveiled the expansion of its innovative Crypto Credential solution to the UAE and Kazakhstan, marking its debut in the Eastern Europe, Middle East, and Africa (EEMEA) region.
The solution aims to simplify cryptocurrency transactions by allowing users to send and receive digital assets through simple aliases instead of lengthy blockchain addresses.
The Mastercard Crypto Credential solution builds on its initial launch in 2023, which aimed to simplify cross-border and domestic digital asset transfers across various blockchain networks.
In September 2024, Mastercard partnered with European crypto payments provider Mercuryo to launch a related product: a euro-denominated debit card enabling users to spend cryptocurrencies from non-custodial wallets at over 100 million merchants worldwide.
Payment Firms Adopt Cryptocurrencies
In April, Fintech giant Stripe announced its decision to once again allow customers to accept cryptocurrency payments after a six-year break.
In 2014, Stripe dipped its toes into the world of cryptocurrency with tests involving Bitcoin, the pioneering digital currency.
However, in 2018, the company decided to halt its support for Bitcoin due to its volatility and lack of suitability as a means of exchange.
Aside from Stripe, other payment companies have also adopted stablecoins as a means of payment.
More recently, Singapore-based payments company Triple-A announced plans to integrate PayPal’s stablecoin into its list of supported tokens for customer payments.
As the first licensed crypto payments firm in Singapore, Triple-A aims to introduce support for PayPal’s stablecoin, PYUSD.
