The continuing merging of traditional and decentralized finance (DeFi) has not been slowed down by bank instability or global regulatory crackdowns as Mastercard opens network to USDC.
Despite the turbulent winds of change, the on-ramps that connect the traditional finance and decentralized finance appear to be even stronger.
Consider the recent problems Circle’s USD Coin (USDC) encountered when it unpegged from the dollar in the wake of Silicon Valley Bank’s failure.
In the Asia-Pacific area, Mastercard boldly added the stablecoin to its infrastructure two weeks later, enabling customers to spend USDC over its network.
On the other end is Bitcoin, which is continuing growing and detaching from Wall Street, demonstrating its value proposition once more and inspiring calls for a long-term hedge against equity markets.
Crypto Business explains how concerns about the banking system have an effect on the crypto industry as well as the most recent advancements in global crypto acceptance.
Mastercard to settle transactions for stablecoin wallets
Mastercard has positioned itself as a major player in the crypto market by accepting USDC payments.
In order to enable retail consumers in the Asia-Pacific area to use stablecoins anywhere Mastercard is accepted, the global payment provider Mastercard opens network to USDC.
This action was made possible through a collaboration with the Australian stablecoin network, Stables.
By converting USDC into fiat and settling on the Mastercard network, users can spend and store USDC.
The wallet will accept deposits in a number of stablecoins, such as Binance USD and Tether USDT, and will instantly convert all deposits into USDC.
The decision by Mastercard to accept cryptocurrency comes amid rising consumer demand for online payment methods.
The corporation has long been looking into methods to include cryptocurrencies into its payment network, and the decision to enable USDC payments is considered as a significant step in that direction.
About Kumo
Kumo, registered as Kumo Technologies Inc in Delaware, U.S. is a fiat and crypto social payment app which allows users to exchange fiat (NGN) to crypto, save and earn interest in dollar with as low as $5, utility payment such as DSTV subscription, airtime, data among others.
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