Global payments infrastructure provider Nium has launched a platform that allows businesses to issue stablecoin-funded cards through Visa and Mastercard. The latest solution allows digital dollar balances to be spent at merchants using existing card networks.
NO he said the system converts stablecoin balances to fiat at the point of sale and handles settlement, compliance, and card network integration in a single integration.
The technology company said it expects to reduce the time required to launch stablecoin card programs from months to days by consolidating conversion, billing and compliance into a single integration layer.
Bain & Company Consulting he said recently that “Stablecoins are in the spotlight as U.S. lawmakers turn their attention to clarifying the rules of the game.”
The proposed CLARITY Act is stalled in Congress as the cryptocurrency industry and national banks fight over stablecoin rewards.
According to data from DefiLlama, at the time of writing, the stablecoin market capitalization exceeds $315 billion, with Tether’s USDT (USDT) accounting for approximately $184 billion, or approximately 58% of the market.
Related: Ethereum risks losing its second place as stablecoins grow in popularity
Stablecoin payments are expanding across various networks and platforms
Regardless of U.S. legislation, stablecoin payments activity is expanding across card networks, fintech companies and technology platforms.
In October, Visa said it would expand stablecoin support to four tokens on four blockchains, enabling conversion to over 25 fiat currencies. It already supports stablecoins including Circle’s USDC and Euro Coin, as well as PayPal USD and Global Dollar, on networks such as Ethereum, Solana, Avalanche and Stellar.
Earlier this month, Mastercard agreed to acquire stablecoin infrastructure company BVNK in a deal worth up to $1.8 billion, including contingent payments, to connect fiat payment rails with onchain transactions.
Beyond card networks, PayPal, which launched the PYUSD (PYUSD) stablecoin in August 2023, recently launched PYUSDx, a platform that allows developers to issue dollar-pegged tokens backed by PYUSD for apply in transactions across apps and digital ecosystems.
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