Mastercard is launching a peer-to-peer (P2P) platform for cryptocurrency users in Europe and Latin America, currently in its pilot phase. The Mastercard Crypto Credential network will facilitate cross-border transactions on Bit2Me, Lirium, and Mercado Bitcoin exchanges, aiming to harness digital assets for international payments. This initiative is part of Mastercard’s broader strategy to tap into the expanding digital assets and blockchain market, particularly for cross-border payments.

Walter Pimenta, Executive Vice President of Product and Engineering for Latin America and the Caribbean at Mastercard, highlighted the importance of maintaining trusted and verifiable interactions across public blockchain networks amid rising global interest in digital assets. The P2P network allows users to employ Mastercard Crypto Credential aliases for transactions, akin to the Ethereum Name Service (ENS) for streamlined wallet identification. This feature is designed to enhance the efficiency of cross-border payments, targeting the burgeoning remittances market. According to data from the United Nations International Organization for Migration, migrants sent approximately $831 billion in remittances globally in 2022, a significant increase from $717 billion in 2020.

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In a world where “talent is everywhere, opportunity is not,” the existing fiat monetary system perpetuates the divide between those with access and resources those without. Even in democratic societies, which have their own flaws, people generally enjoy stable currencies, freedom, and rule of law. These features create an environment rich with opportunities, where a person’s start in life doesn’t have to dictate where they end up.

Bitcoin advocate and bestselling author Lyn Alden is a prime example of overcoming obstacles and taking advantage of the opportunities afforded by democratic societies. Despite experiencing homelessness for several years, she worked her way up to become a…

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PayPal has rolled out its stablecoin, PayPal USD (PYUSD), on the Solana blockchain to increase speed, cut costs, and give users unprecedented flexibility across multiple blockchains. Solana’s ability to support very high levels of transaction volumes in a fast and cost-effective way makes it an ideal platform for PYUSD that is also particularly well suited for payment and commerce use cases. The rollout is a reflection of the convergence of the growing role of PayPal in digital commerce as it is trying to make financial transactions a lot more modern.

According to Jose Fernandez da Ponte of PayPal, PYUSD is designed to transform digital commerce for faster, easier, and cheaper transactions. Sheraz Shere of Solana Foundation further states that Solana has its unique advantage for the new scalable payment solutions that ensure accessibility and instantaneity.

PYUSD will be presented as a unified balance to PayPal and Venmo users, so cross-platform usability just got a little simpler. Most importantly, PYUSD will also be available via Crypto.com, Star Atlas, Phantom, and Paxos, with Paxos Trust Company also serving as issuer and custodian. The move is certainly a nod toward PayPal’s continued efforts to stay within the realms of regulatory compliance, whilst also testing the edges of financial innovation.

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