Mastercard has partnered with Fiserv and Chainlink to advance the adoption and usability of digital assets in payments.
In collaboration with Fiserv, Mastercard aims to integrate Fiserv’s new stablecoin, FIUSD, into its global payments network. This integration will allow individuals and businesses to use FIUSD across over 150 million merchants worldwide, according to a June 24 press release.
Chiro Aikat, co-president of Mastercard Americas, described the partnership as a step towards making stablecoins as common and trusted as traditional currencies, fostering innovation and payment choice.
The partnership targets several key areas: seamless conversion between fiat and FIUSD, enabling FIUSD as a settlement currency for global acquirers, and connecting FIUSD to Mastercard’s Multi-Token Network to support programmable on-chain commerce for banks. Additionally, the companies will enable issuance of stablecoin-linked payment cards, allowing users to pay with FIUSD at any Mastercard-accepting merchant and choose among debit, credit, or stablecoin payment options via Mastercard One Credential.
Takis Georgakopoulos, Fiserv’s COO, noted that stablecoins have primarily been a store of value, and the collaboration seeks to expand their practical payment use.
Fiserv plans to launch a digital asset platform including FIUSD by the end of 2024, leveraging its network of approximately 10,000 financial institutions and six million merchants to scale FIUSD usage and support new digital asset-based services.
Mastercard has been developing stablecoin and digital asset payment solutions to meet evolving consumer demands. Raj Dhamodharan, Mastercard’s EVP of blockchain and digital assets, highlighted the goal of providing simple user experiences where most consumers won’t even realize they are using stablecoins, such as cards linked to stablecoin accounts.
Separately, Mastercard and Chainlink announced a partnership to enable cardholders to purchase cryptocurrencies directly on-chain through a secure fiat-to-crypto conversion. This initiative combines Mastercard’s payment infrastructure with Chainlink’s interoperability tools and includes on-chain liquidity from Zero Hash along with integration support from Shift4 Payments, Swapper Finance, and XSwap.
Dhamodharan emphasized the importance of bridging traditional payment systems with the digital asset ecosystem to meet consumer demand for easier access.
Chainlink co-founder Sergey Nazarov said the partnership connects Mastercard’s 3 billion cardholders to decentralized exchange platforms, exemplifying the convergence of traditional finance and decentralized finance.
Mastercard continues to focus on simplifying blockchain technology to enable broader use beyond crypto-native users. Dhamodharan remarked that while blockchain enables new possibilities such as cross-border remittances, its complexity has limited mainstream adoption, underscoring the need for accessible, user-friendly solutions.