The Stellar Development Foundation and global payment giant Mastercard have teamed up to enable the labeling of remittances and peer-to-peer transfers on the Stellar network. The partnership will also integrate Mastercard’s Crypto Credential system into the Stellar network.
Mastercard and the Stellar Development Foundation agreed on a goal that aims to embed the Stellar network with Mastercard’s Crypto Credential System. The system’s integration will unlock legitimate and approved interactions between other public blockchain networks and Stellar.
Stellar integrates cryptographic credentials into the Stellar network
Today at #Meridian2024 in London, we announced a new partnership with @Mastercard to integrate the company’s Crypto Credential solution with the Stellar network. https://t.co/twivBHsrpt
— Stellar (@StellarOrg) October 15, 2024
The two entities allied in response to an existing barrier in the complex user experience of cryptocurrency transfers. The Crypto Credential System will ensure users in the Stellar ecosystem initiate and complete crypto-powered transactions using only the recipient’s email address. The system will associate the sender and the recipients behind the scenes to ensure the transaction executes as intended in compliance with payment regulations.
Once successfully integrated into Stellar’s blockchain, the remittance system will unlock a range of compliant and secure utilities for digital asset wallet providers like Coins.ph, Mercado Bitcoin, and Wirex.
The system will also oversee trustworthy interactions between customers and businesses, ensuring all users meet predetermined verification standards. The technology will also promote certainty among users by allowing the exchange of metadata and vital information that users may need to relay, especially when executing cross-border payments and international transactions.
The two entities will initially aim to permit credentialing for peer-to-peer transfers and remittances on Stellar’s blockchain. The deal will then extend to investigating how Steller’s ecosystem can benefit from Mastercard’s services to unlock new and transformative applications for Web3 development.
Mastercard Crypto Credential on the Stellar network simplifies transactions and improves security, making blockchain technology more accessible and appealing to more users globally.
Denelle Dixon, CEO of the Stellar Development Foundation, said the collaboration will make transactions on the Stellar network more efficient than they currently are, allowing the network to unlock a wider range of use cases.
“Collaborating with Mastercard to integrate Mastercard Crypto Credential into the Stellar ecosystem will make transferring funds safer and faster, enabling a wide range of use cases and further driving adoption of blockchain technology.”
-Denelle Dixon
Mastercard pushes for crypto mainstream adoption
Mastercard has continuously spearheaded the integration of cryptocurrencies and blockchain technology into traditional mainstream finance. The multinational payment card service corporation pioneered the launch of the Crypto Credential system on 29th May to simplify crypto transactions by replacing complex blockchain addresses with user-friendly tags such as email addresses.
Last month, the payment card service company pioneered a new debit card for non-custodial wallets that supports multiple digital assets, including Bitcoin. The innovative development was due to a partnership with Mercuryo, a European crypto payments provider.
The Mastercard-powered debit card called Spend facilitates card owners to spend their crypto assets directly from their wallets across different chains. The card functions as a typical debit card with interoperability across Mastercard’s network of merchants. The Spend debit card also integrates with Google Play and Apple Pay platforms to facilitate crypto payment solutions online.