In early August, while presenting Mastercard’s financial results to shareholders, the company’s CEO, Michael Miebach, spoke about the prospect of developing new financial products, including cryptocurrencies, stablecoins, and CBDCs (digital currencies issued by central banks).
“We want to play a relevant role in all technologies since people are looking for answers”, Miebach said, according to CoinTimes.
According to him, the company is enabling new technologies to facilitate the integration of cryptocurrency wallets through pilot projects with networks such as Paxos, Circle, and Evolve Bank & Trust. The intention is that they will simplify the conversion of crypto assets into fiat currency.
To this end, the executive highlighted the partnership with Consensys, a software engineering company based on the Ethereum network. In addition, Mastercard has already partnered with Wirex and Bitpay to provide cards linked to the cryptocurrency market. “The move to support digital assets directly will allow more traders to start accepting them”, Miebach explained.
Stablecoins are in Mastercard’s sights
As for stablecoins, Miebach said he is negotiating with the private sector and regulators to reach a consensus. According to him, it is essential that the development of new projects conforms to three criteria: regulatory compliance, consumer protection, and stability.
Regarding central bank digital currencies (CBDCs), the executive highlighted the importance of technology and market advancement for the safety and dissemination of its use.
It is worth noting that Mastercard had already announced its intention to integrate cryptoassets into its means of payment. “This year Mastercard will begin supporting selected cryptocurrencies directly on the network”, said the Executive VP of Blockchain and Products Raj Dhamodharan in February this year.