Mastercard expands stablecoin push with Circle partnership
Mastercard and Circle partnered to enable stablecoin settlements for merchants across Europe, the Middle East, and Africa.
- Mastercard and Circle will enable settlement across the EEMEA region
- USDC and EURC settlements happen instantly, with lower fees
Credit card giant Mastercard is deepening its involvement in stablecoins. On Tuesday, August 26, Mastercard and Circle partnered to enable USDC and EURC settlement for acquirers across Eastern Europe, the Middle East, and Africa.
The move means that Mastercard acquirers across the EEMEA region will be able to settle payments in Circle’s stablecoins. These companies, also called acquiring banks, connect merchants to the Mastercard payments network, collecting payments from customers and settling the funds with the merchants.
Unlike traditional payments, stablecoin settlements can move instantly, with lower fees. Stablecoin payments can also be automatically programmed for specific purposes.
Mastercard backs stablecoin post-GENIUS Act
Following the passage of the U.S. GENIUS Act, credit card giant Mastercard has announced its intention to get more involved in the stablecoin business. Notably, the company hopes to leverage its reputation and existing connections to play a key role in the emerging ecosystem of stablecoin payments.
On July 17, the company praised stablecoins for their role in cross-border payments and remittances as a fast and low-cost alternative to traditional banking.
You May Also Like
Will the 10% Rally Build Into a Bigger Run?
‘Groundbreaking’: Barry Silbert Reacts to Approval of ETF with XRP Exposure
