Mastercard just shook hands with MoonPay to roll out stablecoin-powered cards, letting users and businesses splash crypto cash worldwide, but with a cheeky twist: transactions automatically convert to boring old fiat money.
MoonPay’s secret weapon? Iron, the stablecoin payment outfit it scooped up in March, is making stablecoin payments smoother than ever.
Why stablecoins? They’re the crypto equivalent of that reliable friend who never flakes — pegged to the U.S. dollar or other fiat currencies, they keep prices steady. But don’t pop the champagne yet: regulators still can’t quite decide if stablecoins are troublemakers or good kids. The U.S. SEC gave a wink last month, saying some stablecoins aren’t securities but left everyone guessing about the wild siblings — yield-bearing and algorithmic ones. Oh, and they recently shrugged off a PayPal stablecoin probe, too.
Card Giants Double Down While Regulators Scratch Their Heads
Despite the regulatory haze, card giants are betting big on stablecoins for remittances, creator economies, and international shopping sprees.
This move adds to Mastercard’s crypto dream team. Just last month, it partnered with crypto exchange OKX and processor Nuvei to launch a similar stablecoin card project. OKX is cooking up a new crypto card, while Nuvei and Circle team up to serve merchants.
Meanwhile, Mastercard’s rubbing elbows with success just ahead of Visa, which kicked off a pilot on May 1 in six Latin American countries (Argentina, Colombia, Ecuador, Mexico, Peru, and Chile). Visa’s stablecoin plan lets folks pay using their existing balances and plans to spread the crypto love to Europe, Asia, and Africa soon.
Abimbola Adu
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