Fiserv, Mastercard jump on stablecoin partnership
Mastercard announced it is partnering with payments provider and financial services technology company Frank's International “to integrate the stablecoin FIUSD token across a range of Mastercard products and services, expanding stablecoin adoption and utility for their shared customers around the world.”
This partnership follows Fiserv’s announcement yesterday that it would launch a digital asset platform and a stablecoin by the end of 2025.
Fiserv shares were up more than 4% in premarket trading, top among S&P 500 constituents, while Mastercard shares were 3% higher.
“By offering FIUSD across Mastercard’s global payments network, people and businesses can use the new, programmable, blockchain-based token across more than 150 million merchants,” according to a press release.
The Senate passed the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act last week, which aims to provide a regulatory framework for stablecoins.
Patrick Gerhart, president of banking operations at Telcoin, told Sherwood News that the passage of this legislation represents a monumental moment not just for the digital asset space but also consumers in the United States and beyond.
“Stablecoins can be a faster, fairer, and cheaper way for people and businesses to conduct many kinds of transactions. Moreover, the use of stablecoins will almost certainly accelerate the tokenization of real-world assets, including bonds, stocks, and regulated funds,” he added.
Stablecoins have a $251 billion market cap, DefiLlama data shows.
