Mastercard is strategically entering the cryptocurrency market by joining the Global Dollar Network, a consortium for stablecoin development. This allows the company not only to mint USDG, a U.S. dollar-pegged stablecoin, but also to support other tokens like PYUSD from PayPal and FIUSD from Fiserv. Mastercard aims to integrate stablecoins into its payment systems, including international remittances through Mastercard Move. Raj Dhamodharan of Mastercard emphasizes that they will support stablecoins adhering to their regulatory criteria, indicating a proactive approach in the evolving cryptocurrency landscape.
"If the stablecoins are well-formed, well-regulated, and they meet our criteria, we will enable them in a variety of use cases," Raj Dhamodharan said.
"Mastercard also said it was adding stablecoins to its cross-border and remittances network called Mastercard Move, whose customers include MoneyGram."
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