There was a time when the world of traditional financial institutions of the world such as Storagefacility and MasterCard, Visa and Cryptocurrency was running completely different, but now the gradual acceptance of cryptocurrency is increasing. Recently, MasterCard has surprised everyone by approved the payment in stablecoins. This move of MasterCard will begin a new era in the world’s payment system in the world, while the common people will also wake up with the cryptocurrency. Let’s know what effect Mastercard’s decision can have on the payment system in the world.
After all what did MasterCard do
Let us tell you that MasterCard is a global payment company, which serves digital payments to its consumers. The company’s customers include common people as well as banks, financial institutions and government institutions. MasterCard is one of the world’s largest card cost companies, which facilitates transactions to its customers through Debit Card, Credit Score Card and Pay as You Go Card. Recently, MasterCard has announced to adopt stabilcoin, entering the Crypto World and partnered with Crypto Wallet like Okx, Binance and Metamask. With this, customers from all over the world can now make payment from MasterCard via stables.
Why is MasterCard putting a big bet on Stablecoins?
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Mastercard has selected cryptocurrency like StableCoins because it is a digital currency that is priced with real currencies like dollars. This means that stablecoins have more stability than currency like bitcoin.
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Apart from this, the transaction of StableCoins is increasing rapidly in the world. In 2019, its transaction volume in the world was $ 2 billion, which has increased by 2024 to more than $ 27, which is more than both VISA and MasterCard. The speed with which the transactions are increasing with stablecoins may increase the risk of an unheard of master cards in the future.
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MasterCard has also placed these bets because the transactions from StableCoins are less expensive as compared to traditional networks. It is very easy to send money to any country.
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After this partnership, users of large crypto platforms like Okx, Metamask, Binance can use their stablecoins in more than 150 million shops or institutions spread worldwide via MasterCard. Moving in this direction MasterCard launched OKX Card for StableCoin Bills Is.
Are StableCunes safe?
Those who are far from Crypto World, can definitely have a question in their mind that after all Stablecoins Whether it is safe or not. In fact, many countries including the US are now bringing laws to regulate stables. However, there is a confusion about cryptocurrency in India. A country like Thailand has approved USDT and USDC on its local exchange.
Conclusion
This initiative regarding this stabilcoin of MasterCard is not actually a payment facility, but is a sign of major changes in the payment system in the coming time. This partnership can highlight the flaws of the traditional payment system and increase the facilities of the people.
