Michael Miebach, the CEO of Mastercard, made his thoughts about the rapidly rising crypto industry known during a recent earnings call. He said that it is absolutely critical that the company do all that it can in order to enter the crypto sector, and this is because mainstream crypto adoption is becoming increasingly widespread, and nearly every major company across a variety of different fields and industries have either added crypto-related services already or are actively planning to do so in the near future.
Michael believes that cryptocurrencies are the future, and he is not the only one who believes that the global financial infrastructure and ecosystem will be forever changed thanks to the new digital asset class. In fact, Mastercard’s main competitors, namely Visa and also PayPal, have both decided to add cryptocurrency-oriented services, with the latter even reportedly working on a ‘super app’ that is set to be fully deployed in the U.K soon.
Mastercard must keep up
In the words of the CEO, cryptocurrencies, although extremely popular, are still relatively quite new as Bitcoin (BTC) was founded only about a decade ago. As such, there is an abundance of individuals who have continuously expressed interest in the crypto industry and would like to start trading, but these people need to understand how cryptocurrencies actually work beforehand. To that end, Michael wants Mastercard to be in a position to help these potential investors by providing material and research that can be utilized to help explain the various risks, benefits, and use cases when it comes to crypto.
Simply put, people want answers, and the Mastercard CEO wants his company to be the one to step up, which it will need to if it wants investors to not only become involved in crypto but also for Mastercard itself to keep up with its competitors. Michael also added that the company has the knowledge and expertise needed to offer a wide variety of services to central banks, particularly on the topic of central bank digital currencies (CBDCs).
Mastercard slowly adopting crypto
Michael had recently made it known that the company will offer support for transactions related to stablecoins. However, he emphasized that these are contingent on issuers managing to adhere to strict financial regulations and that the safety of the users can be guaranteed. As such, the company had recently partnered up with Circle, an issuer of the USDC stablecoin, in the hopes of testing USD Coin settlements on Mastercard’s platform.
By adding services centered around cryptocurrency, more than 900 million of the company’s customers will eventually be able to start spending in crypto at every supported Mastercard vendor.