The Stellar Development Foundation has announced the integration of Mastercard’s Crypto Credential solution into its blockchain network. This exclusive collaboration, revealed on Tuesday (Oct. 15), aims to simplify and secure crypto transactions for wallet providers such as Coins.ph, Mercado Bitcoin, and Wirex.
According to Stellar, the Crypto Credential tool will streamline interactions between consumers and businesses on blockchain networks by verifying identities and ensuring compliance with regulatory standards. This move seeks to address the complexities of cryptocurrency transfers, which have been a barrier to broader adoption.
In a news release, Stellar explained that with Mastercard Crypto Credential, crypto remittances can be initiated using just the recipient’s email address. The tool works in the background to confirm that the recipient can accept the chosen digital asset and that the transaction meets regulatory requirements. The solution also facilitates cross-border transactions by exchanging metadata and other necessary information, providing a layer of trust and security.
Initially, the partnership will focus on enabling credentialing for remittances and peer-to-peer transfers. Stellar and Mastercard are also exploring further applications of blockchain technology, which could lead to new innovations within the sector.
The integration comes as the broader crypto industry continues to face challenges related to volatility and regulatory uncertainty. Despite increased merchant acceptance of cryptocurrencies like Bitcoin, the unpredictable nature of these assets has limited their utility as stable payment methods. As noted in an earlier PYMNTS report, businesses are cautious about embracing crypto payments due to potential financial and compliance risks.
By addressing these concerns with a credentialing tool, Stellar and Mastercard hope to bolster confidence in crypto transactions and pave the way for wider adoption of blockchain technology in everyday business.
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