Mastercard has announced that it will add cryptocurrency to its network. The international payments major indicated that it will give preference to ‘stable coins’ or cryptocurrencies that are linked to fiat currencies like the dollar.
Mastercard has partnered with some of the biggest cryptocurrency firms, including Wirex and BitPay.
“We are preparing right now for the future of crypto and payments, announcing that this year Mastercard will start supporting select cryptocurrencies directly on our network,” stated Raj Dhamodharan, executive vice-president of digital asset and blockchain products and partnerships, in the blog post.
The company also added that this is in no way a recommendation for Mastercard holders to start using cryptocurrencies.
“We are here to enable customers, merchants and businesses to move digital value traditional or crypto, however, they want. It should be your choice, it’s your money,” stated the blogpost.
However, the company will not support “all of today’s cryptocurrencies” on its network. They will only bring “stablecoins” into their network.
The company will prioritize consumer protections and compliance in its own plans, Raj Dhamodharan, executive vice president of digital asset and blockchain products and partnerships, said in the post.
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