Mastercard's global crypto partner program connects over 85 companies to develop blockchain-based payment systems, enhancing cross-border transactions and
Introduction to Mastercard’s Global Crypto Partner Program
Mastercard has launched a new global crypto partner program, connecting over 85 companies from the digital asset and payments industries. This initiative aims to collaborate on blockchain-based payment and settlement systems, as digital assets increasingly play a significant role in cross-border transactions and financial services.
Scope and Participants of the Program
The program includes a diverse range of participants, such as crypto exchanges, blockchain networks, and infrastructure providers like Binance, Circle, Gemini, Paxos, Ripple, PayPal, Polygon, Solana, Crypto.com, MoonPay, Fireblocks, and the Canton Network. These partners will work with Mastercard to develop integrated products that combine blockchain-based systems with existing payment infrastructure.
Focus Areas of the Program
The initiative focuses on practical use cases such as cross-border money movement, settlements, and commercial payments. According to Mastercard, digital assets are entering a new phase, with once-separate technologies now being applied to real-world financial services like cross-border remittances and business-to-business payments.
Background and Context
Mastercard's new partner program builds on its existing work in digital assets, including partnerships with crypto companies, programs supporting blockchain startups, and crypto-linked payment cards. This move aligns with broader industry trends, as major payments networks increasingly integrate blockchain technology and stablecoins with traditional payment infrastructure.
### Visa’s Digital Asset Initiatives
In September, Visa announced a pilot that allows banks to pre-fund cross-border payments with stablecoins through its Visa Direct platform. This development enables near-instant payouts. Visa has also expanded its crypto services to support four additional stablecoins across four blockchains, in addition to the stablecoins it already supports on networks including Ethereum (ETH), Solana (SOL), Stellar (XLM), and Avalanche (AVAX).
### Mastercard’s Integration Efforts
Mastercard reported that about 30% of its transactions were tokenized in 2024, as the company continued to expand its efforts to integrate blockchain technology and digital assets into its payment infrastructure. Earlier this month, Mastercard and SoFi Technologies collaborated to enable settlement using SoFi’s dollar-backed stablecoin, SoFiUSD, across Mastercard’s payments network. This agreement allows issuers and acquirers to settle card transactions using the bank-issued digital dollar, with SoFi Bank planning to settle its own Mastercard credit and debit transactions in the stablecoin.
Conclusion
Mastercard’s global crypto partner program marks a significant step in the integration of blockchain technology and digital assets into the payments landscape. With a wide range of participants and a focus on practical applications, this initiative is likely to drive further innovation and adoption in the realm of digital finance.
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