MasterCard and Circle have partnered to enable Stablecoin settlements for merchants in Europe, the Middle East and Africa.
summary
- MasterCard and Circle enable settlements across the EEMEA region
- USDC and Euro settlements occur instantly and charges are low
The credit card giant Mastercard has deepened its involvement in Stubcoin. On Tuesday, August 26th, MasterCard and Circle partnered to enable USDC and EURC settlements for acquirers in Eastern Europe, the Middle East and Africa.
“This is an important move for Mastercard. Our strategic goal is to integrate stubcoin into the financial mainstream by investing in infrastructure, governance and partnerships to support the evolution of this exciting payment from Fiat to tokenized programmable money.”
The move means that MasterCard holders in the EEMEA region can resolve payments with Circle’s Stablecoins. Also known as bank acquisitions, these companies connect merchants to the MasterCard Payments Network, collect payments from customers, and settle funds with merchants.
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“The expanded partnership with MasterCard allows for wider reach, global access and scaled impact, allowing USDC to be as ubiquitous as traditional payments. Together with MasterCard, it is working as a fundamental tool for everyday financial activities around the world.”
Unlike traditional payments, Stablecoin settlements can move instantly when fees are lower. Stablecoin payments can also be automatically programmed for specific purposes.
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MasterCard supports the Stablecoin Post-Genius Act
Following the passage of the US genius law, credit card giant Mastercard has announced its intention to be more involved in the Stablecoin business. In particular, the company hopes to leverage its reputation and existing connections to play a key role in Stablecoin Payments’ new ecosystem.
On July 17, the company praised Stablecoins for its role in cross-border payments and remittances as a fast, low-cost alternative to traditional banks.
read more: MasterCard backs the Stablecoins Post-Genius Act, but not decentralized money
