San Francisco, October 15, 2024 – At Meridian 2024 in London, UK, the Stellar Development Foundation revealed a new collaboration with Mastercard to incorporate Mastercard’s Crypto Credential solution into the Stellar network.
Mastercard Crypto Credential, a system designed to authenticate interactions between consumers and businesses within blockchain networks, will serve as the exclusive credentialing tool within the Stellar ecosystem. This integration will pave the way for secure and compliant solutions, benefiting crypto wallet providers like Coins.ph, Mercado Bitcoin, and Wirex.
Currently, the complexity of cryptocurrency transfers hinders widespread adoption. By utilizing Mastercard Crypto Credential, transfers can now be initiated effortlessly using the recipient’s email address. Behind the scenes, Mastercard ensures the transaction is directed to a valid destination that accepts the chosen digital asset and adheres to regulatory requirements.
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Mastercard Crypto Credential enhances trust by verifying user and business interactions, offering reassurance that certain verification standards have been met. The solution fosters confidence by exchanging metadata and facilitating the transfer of necessary information for cross-border transactions.
Initially, Stellar and Mastercard will focus on applying credentialing for remittances and peer-to-peer transfers. This approach will combine the user-friendly Mastercard Crypto Credential with Stellar’s fast transaction speeds and low fees. Furthermore, both companies will explore how Mastercard’s extensive range of services can further enrich the Stellar network, unlocking new, innovative applications of blockchain technology.
This partnership signifies a major milestone in simplifying and securing cryptocurrency transactions. Stellar’s global network of on-and-off-ramps and trusted financial institutions provides a strong foundation for seamless cash-to-crypto transactions worldwide.
By integrating Mastercard Crypto Credential into Stellar, the collaboration showcases the transformative potential of partnerships in the blockchain space. By streamlining transactions and enhancing security, the partnership aims to make blockchain technology more accessible to a broader audience, encouraging widespread adoption and mainstream use.
Statements from Key Leaders
“The Stellar network was built to be fast, affordable, and demonstrate how blockchain technology can solve real-world problems,” said Denelle Dixon, CEO of the Stellar Development Foundation. “Collaborating with Mastercard to incorporate their Crypto Credential solution into Stellar will enhance the safety and speed of fund transfers, opening up new use cases and further driving blockchain adoption.”
“We designed Mastercard Crypto Credential to bring more trust and innovation to the digital asset space,” said Raj Dhamodharan, Executive Vice President, Blockchain & Digital Assets at Mastercard. “By merging our technology and infrastructure with Stellar’s focus on blockchain-driven commerce, we are laying the foundation for safer, more efficient, and secure digital asset interactions.”
“As the top exchange in the Philippines, Coins.ph is a leader in financial innovation. The integration of Mastercard’s Crypto Credential on Stellar aligns perfectly with our mission,” said Coins.ph CEO Wei Zhou. “In 2023, remittances to the Philippines reached $37.2 billion, highlighting the immense potential to bring millions onto the blockchain—many of whom will benefit from faster, low-cost cross-border transactions enabled by this collaboration.”
“By partnering with Mastercard and Stellar on Crypto Credential, we can offer our customers more secure, compliant, and seamless crypto transactions,” said Fabrício Tota, Senior Vice President of New Business Development at Mercado Bitcoin. “This collaboration strengthens our ability to innovate and bridge the gap between traditional finance and blockchain solutions, both in Brazil and globally.”
Pavel Matveev, Co-Founder of Wirex, added: “Integrating Mastercard’s Crypto Credential with the Stellar network marks a significant evolution for Wirex. This partnership enables us to fulfill our commitment to making cryptocurrency more accessible for everyday financial use. We believe this collaboration will lead to further innovative applications of blockchain technology, helping to shape the future of digital payments.”
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