Giant payment services MasterCard will pilot a crypto payment facility under the partnership of Circle.
Circle is a company which has been operating their stablecoin USDC since 2018. Their stablecoin coins are based on the Ethereum Blockchain network.
According to reports, MasterCard is ready with their platform to facilitate crypto payment settlement using USDC. But right now it is the trial phase. They will now do trials of the bridge that will perform its function between MasterCard & USDC. If everything goes perfectly then MasterCard will allow their users to spend their crypto assets payment settlement directly.
Jeremy Allaire, CEO and co-founder of Circle stated:
“The engagement between Circle and Mastercard reinforces how USDC is growing its role in payments and commerce on the internet, while building a vital bridge between digital currency payment systems and large, established payment networks.”
So clearly Circle company believes they will together create a better ecosystem to facilitate crypto payments networks more better and more simple.
Raj Dhamodharan who is vice president of digital asset and blockchain products and partnerships at MasterCard shared his point of view regarding this partnership
“The engagement between Mastercard and Circle fuels new payment opportunities and commerce in digital currencies”.
It should be worth to note, MasterCard never supports Cryptocurrency except stablecoins in history. But probably their this partnership with stablecoin USDC indicates that they came to know about the potential of Bitcoin & Ethereum like assets at a better level.
Well this is not the first partnership of Circle with such a type of payment service company. Already they established many partnerships even though they already have a partnership with Visa in December 2020. Read about the latest partnership of Visa.