Global payments leader Mastercard announced that it successfully tokenized 30% of its transactions in 2024 while also recognizing the growing influence of stablecoins and cryptocurrencies in the financial sector.
In a filing with the US Securities and Exchange Commission, Mastercard highlighted its progress in “advancing the payments ecosystem.” Key initiatives included transaction tokenization, developing blockchain-powered solutions, and enhancing accessibility to digital assets.
“Our approach is based on strong principles, including rigorous risk management and ongoing oversight of our digital asset partners. We remain committed to supporting blockchain ecosystems and digital currencies,” the company stated.
Mastercard has partnered with various crypto firms to enable customers to purchase digital assets using its cards and spend their balances across its network.
The company also reported a strong financial performance, generating $28.2 billion in net revenue for 2024—an increase of 12% compared to the previous year.
Mastercard Acknowledges Stablecoins as Emerging Competitors
Mastercard acknowledged that stablecoins and cryptocurrencies are becoming notable competitors in the payments industry. The company recognized the potential of digital assets to disrupt traditional finance and pose challenges to existing payment models.
According to Mastercard, regulatory developments could further drive stablecoin adoption, as digital assets offer accessibility, efficiency, and immutability.
In the US, lawmakers are moving forward with efforts to regulate stablecoins while strengthening the dollar’s global position. Representatives French Hill and Bryan Steil introduced a draft bill outlining a regulatory framework for stablecoins.
Stablecoins experienced significant transaction volumes in 2024. Data from crypto exchange CEX.io revealed that stablecoin transfers reached $27.6 trillion for the year, exceeding the combined volumes of Visa and Mastercard.
A key factor behind this surge has been the increasing use of automated trading bots. CEX.io lead analyst Illia Otychenko noted that while bots drive much of the volume, they also contribute to market efficiency rather than distorting it.
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