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Mastercard is set to onboard its 1.1 billion users in the crypto market and Web3 using an integrated global stablecoin payment system.
Mastercard has officially joined the Web3 and crypto space following a surprising shift in its next market strategy. The corporation launched a global stablecoin payment system supporting various wallets and cards.
Crypto enthusiasts have taken to social platforms cheering the financial service giant for stepping into the crypto market. This is an acknowledgment of the increasing role of cryptocurrencies in the digital economy and the next industrial revolution, mainly in the finance sector.
According to Mastercard News statement on X (formerly Twitter):
Today, we announced our end-to-end capabilities to support stablecoins, ensuring payments can be made or received using them – anytime, anywhere. Alongside proven leaders across Web3, finance and fintech, we’re empowering consumers and businesses to use stablecoins as easily as the money in their bank accounts.
Mastercard aims to bridge the gap between traditional banking and decentralized finance (DeFi), partnering with trusted crypto service providers. This is a huge step towards global and institutional crypto adoption while signalling a shift towards the future of payment systems.
