- Mastercard has joined the Global Dollar Network, a stablecoin group run by Paxos.
- The move will allow Mastercard partners to issue, manage, and redeem the USDG stablecoin.
- Other supported stablecoins now include Fiserv FIUSD and Paypal’s PYUSD.
- Mastercard will help with on- and off-ramps, merchant settlements, and stablecoin card functionality.
- Past partnerships have included digital wallets like MetaMask and exchanges such as crypto.com, Kraken, and OKX.
Mastercard announced today it has joined the Global Dollar Network (GDN), a stablecoin alliance started by Paxos. The group aims to coordinate stablecoin distribution and revenue among its members. Robinhood, a popular trading platform, is one of the GDN’s founding members.
Through this new partnership, Mastercard will allow its connected financial institutions to create (mint), manage (distribute), and exchange (redeem) the USDG stablecoin for their users. The company also revealed plans to support more stablecoins from other issuers, including Fiserv’s new FIUSD and PayPal’s PYUSD.
In recent statements, Mastercard confirmed it will help its partners with the process of transferring assets between digital and traditional financial systems (on- and off-ramps), merchant settlements, and stablecoin payment cards. The firm is also working with PayPal to move funds across its network using the PYUSD digital dollar.
Mastercard has supported cryptocurrency payments for several years. Previous work includes partnerships with the Metamask wallet and exchanges like Crypto.com, Kraken, and OKX. This latest agreement marks a wider effort to bring digital currencies into mainstream payment systems.
FIUSD, a stablecoin created by Fiserv, launched a day before the announcement. Mastercard noted that it will support new use cases for stablecoins, building on its legacy work with USDC“>USDC, another well-known digital dollar.
Further details and developments on these collaborations are expected soon.
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