In a big move for the digital payments world, MoonPay and Mastercard have joined forces to launch stablecoin-powered virtual cards for global payments. This collaboration is set to change how stablecoins are used in everyday transactions, allowing users of crypto wallets to make payments at over 150 million locations using Mastercard-branded stablecoin cards. The announcement was made through MoonPay’s official X account.
MoonPay, through its partnership with Mastercard, is transforming crypto wallets into digital bank accounts for freelancers and creators. With the introduction of Mastercard-branded virtual cards powered by stablecoins, users can easily pay at millions of locations where Mastercard is accepted. The partnership is made possible by the stablecoin technology developed by Iron, a company acquired by MoonPay in March. This technology enables companies and fintech services to accept stablecoin transactions, making cross-border payments and quick payouts more efficient and cost-effective.
The goal of MoonPay is to turn crypto wallets into digital bank accounts, providing freelancers, gig workers, and content creators with the ability to receive payments in digital currency. This new feature aims to streamline payroll processes for freelancers and independent workers, making it more convenient and equitable for all parties involved. With over 500 connected crypto platforms and more than 100 million users and 20 million wallets dealing in monthly stablecoins, MoonPay is ready to introduce this innovative feature on a large scale, meeting the growing demand for simple and reliable methods to use digital currencies for everyday expenses.
Mastercard is supporting stablecoins as trusted mainstream payment tools, viewing the partnership with MoonPay as an opportunity to enhance its payment offerings through innovation. Scott Abrahams, Executive Vice President of Global Partnerships at Mastercard, believes that this collaboration will help solidify stablecoins as mainstream payment options, while ensuring that Mastercard’s commitment to trust and security remains paramount. MoonPay CEO Ivan Soto-Wright acknowledges the strength of the partnership with Mastercard and the recent acquisition that paved the way for this development, emphasizing the initiative’s goal of bridging the gap between cryptocurrencies and traditional financial systems.
These advancements highlight the practical utility of stablecoins beyond their value as investments, with leading companies like Mastercard playing a key role in integrating stablecoins into various financial activities. As a result, stablecoins are increasingly making a positive impact across different industries and regions. The partnership between MoonPay and Mastercard exemplifies the growth of the crypto economy, demonstrating how the combination of crypto tools with established payment methods can facilitate the widespread adoption of stablecoins for diverse financial transactions. Perhaps in the near future, crypto spending will be as seamless and ubiquitous as using a debit card.
