Mastercard will enhance its card program for crypto-related companies despite regulatory uncertainty. The company said in a press release, the new card will make it simpler for partners to convert cryptocurrency to traditional fiat currency. The initiative has been developed in a cooperation with Evolve Bank & Trust, Paxos and Circle.
"Mastercard and its partners will test this new capability to enable more banks and crypto companies to offer a card option to people wanting to spend their digital assets anywhere Mastercard is accepted," the company said.
Raj Dhamodharan, Vice President of Digital Asset at Mastercard, says not all crypto companies have the foundational infrastructure to convert cryptocurrency to traditional fiat currency.
"Through our engagement with Evolve, Paxos, Circle and the larger digital assets community, Mastercard expects to deliver on our promise of consumer choice to provide options to people around the world on how and when to pay," Dhamodharan added.
The move comes despite the regulatory uncertainty of stablecoins around the globe. As iHodl earlier reported, Secretary of the Treasury, Janet Yellen, urged the need to act quickly to ensure there is an appropriate US regulatory framework for stablecoins. Prior to Yellen, Federal Reserve Chairman, Jerome Powell, made the same statements when admitted that stablecoins might be a "significant part" of the payments universe.
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