Circle and Mastercard have announced an engagement to use USDC to facilitate crypto-to-fiat conversions in a pilot program to expand the ability of issuers and crypto businesses to enable customers to spend their crypto assets. The engagement will test using USDC as a means for card issuers to more easily settle payments to Mastercard, helping accelerate the world towards greater use of internet-native financial infrastructure.
“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,” Circle Co-founder and CEO Jeremy Allaire said. “We are thrilled to work with Mastercard to simplify card offerings for cryptocurrency companies.”
The supply of USDC has grown to more than $25 billion in circulation, with more than $785 billion in transaction volume facilitated on-chain. The engagement with Mastercard will enhance its crypto card program for cryptocurrency exchanges, making it simpler for partners to convert cryptocurrency to traditional fiat currency.
“The engagement between Mastercard and Circle fuels new payment opportunities and commerce in digital currencies,” Mastercard executive vice president of digital asset and blockchain products and partnerships Raj Dhamodharan said. “The cryptocurrency market continues to mature and we are driving it forward together to reduce friction and create choice for people.”
Circle is proud to engage with Mastercard in our ongoing effort to unlock a new generation of financial services and commerce applications that hold the promise of raising global economic prosperity for all through programmable internet commerce.