Mastercard has upgraded its crypto card to allow customers to use stablecoins to make purchases

SourceBusiness Insider
SectorFinancial Markets
CountryMiddle east

Mastercard will upgrade its crypto card so its clients can make purchases using stablecoins, as well as a range of traditional cryptocurrencies, to promote the kind of token they say will help grow economic activity. The payments company said in a on Tuesday it would upgrade its existing crypto card payment program that launched in this year with the help of a series of fintech firms. “Today, not all crypto companies have the foundational infrastructure to convert cryptocurrency to traditional fiat currency, and we’re making it easier,” Mastercard’s Raj Dhamodharan, who is executive vice president of digital asset and blockchain products, said in a statement.

Stablecoins are privately issued cryptocurrencies that are backed by an underlying asset, such as the US dollar, or even short-dated government bonds. This peg helps remove some of the volatility that can deter more risk-averse crypto users. Tether, the largest stablecoin by market capitalization, is much less volatile than bitcoin. It has barely changed more...