Latest news with #ChiroAikat
Fast Company
3 hours ago
- Business
- Fast Company
Mastercard partners with Fiserv to support new FIUSD token as stablecoin competition is expected to grow
Mastercard has announced a partnership with global fintech Fiserv's new stablecoin, FIUSD, in an effort to make the stabilized cryptocurrency 'mainstream.' The multinational card provider plans to integrate the token across its global payments network, including stablecoin-linked cards, on- and off-ramping of funds, and global acquirers. 'This work with Fiserv is setting the stage for a new era, where stablecoins are as ubiquitous and trusted as fiat currencies, driving choice and innovation for all,' Chiro Aikat, co-president, Americas at Mastercard, said in a statement. 'Leveraging the power of the Mastercard network, as well as our deep capabilities across digital assets, we are creating a robust ecosystem that bridges traditional financial services with digital assets.' As of this afternoon, Fiserv stocks are up nearly 1%, while Mastercard stock is up 2.59%. This news comes the same day that stock for the largest stablecoin provider, Circle Internet Group (CRCL), is down nearly 15% as of Tuesday afternoon, just weeks after the company's initial public offer (IPO) surged in its market debut—when stock was trading 706% above the IPO price. The move comes after an analyst note from Compass Point suggested recent regulatory action could encourage increased competition in the stablecoin industry. What's the latest on stablecoins? Stablecoins are growing in popularity as a more stable cryptocurrency option, due to their value being tied to external commodities like gold or currencies like the U.S. dollar. The recently Senate-passed GENIUS Act would set standards for stablecoins and would ultimately allow for other card providers to widely implement them in their processes. Supporters of the bill say it would encourage more stablecoin competition and consumer protection, while those in opposition position the bill as too 'industry-friendly' and financially beneficial for the current presidential administration. 'To date, stablecoins have largely been a store of value,' Takis Georgakopoulos, chief operating officer of Fiserv, said. 'Our work with Mastercard is promoting greater reach and utility of stablecoins by helping our financial institutions and merchants enable greater payments choice to their customers.' Other finance and banking giants like JPMorgan Chase, Bank of America, and WellsFargo have also begun to delve further into the world of stablecoins through joint partnerships, demonstrating the foothold that the cryptocurrency may be taking in the market.
Yahoo
8 hours ago
- Business
- Yahoo
Mastercard Joins With Fiserv to Promote New Stablecoin
Mastercard said it was expanding its relationship with Fiserv to promote the financial tech company's planned stablecoin, FIUSD. Fiserv announced yesterday it expects to have FIUSD available by the end of this year. The two companies explained they hope to expand stablecoin adoption.A day after Fiserv (FI) announced it was planning to launch a new stablecoin called FIUSD, one of the financial technology firm's big customers is jumping on board. Mastercard (MA) on Tuesday said it is deepening its relationship with Fiserv in order "to integrate its new FIUSD token across a range of Mastercard products and services, expanding stablecoin adoption and utility for their shared customers around the world." It added that the two companies would work together to "explore key areas to solve for real-world challenges and opportunities for stablecoin adoption and utility." Chiro Aikat, co-president of the Americas for Mastercard, argued that the collaboration "is setting the stage for a new era, where stablecoins are as ubiquitous and trusted as fiat currencies, driving choice and innovation for all." Fiserv COO Takis Georgakopoulos explained that working with Mastercard will promote "greater reach and utility of stablecoins by helping our financial institutions and merchants enable greater payments choice to their customers." Fiserv plans to make FIUSD available by the end of the year. Shares of Fiserv advanced 1.3% in recent trading after gaining 4.4% yesterday. Mastercard shares were about 2.5% higher. Read the original article on Investopedia Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
13 hours ago
- Business
- Business Wire
Mastercard partners with Fiserv to accelerate mainstream stablecoin adoption
PURCHASE, N.Y.--(BUSINESS WIRE)--Mastercard is deepening its partnership with Fiserv, Inc. (NYSE: FI) to integrate its new FIUSD token across a range of Mastercard products and services, expanding stablecoin adoption and utility for their shared customers around the world. 'Leveraging the power of the Mastercard network, as well as our deep capabilities across digital assets, we are creating a robust ecosystem that bridges traditional financial services with digital assets," said Chiro Aikat, co-president at Mastercard. Share By offering FIUSD across Mastercard's global payments network, people and businesses can use the new, programmable, blockchain-based token across more than 150 million merchants. Mastercard and Fiserv will explore key areas to solve for real-world challenges and opportunities for stablecoin adoption and utility, including: Seamless on and off-ramping: The partnership can enable the efficient on/off-ramping of funds, allowing consumers and businesses to transition smoothly between fiat and FIUSD. Enabling merchants to settle in FIUSD: Mastercard can enable FIUSD as a settlement option for its global acquirers, helping merchants get paid in FIUSD, no matter how they are paid. This not only expands choice but also enhances operational efficiencies and delivers a seamless payment experience. Connectivity to the Mastercard Multi-Token Network (MTN): Fiserv's Digital Asset Platform, powered by Finxact, can leverage Mastercard MTN to bring off-the-shelf support for programmable, on-chain commerce for banks. Powering stablecoin-powered cards: Together, Fiserv and Mastercard will enable the issuance of stablecoin-linked cards for shared customers, allowing consumers and businesses to make FIUSD payments anywhere around the world where Mastercard is accepted. With Mastercard One Credential, consumers can also flexibly choose the payment type of their choice – from debit, credit to stablecoin balances. 'This work with Fiserv is setting the stage for a new era, where stablecoins are as ubiquitous and trusted as fiat currencies, driving choice and innovation for all,' said Chiro Aikat, co-president, Americas at Mastercard. 'Leveraging the power of the Mastercard network, as well as our deep capabilities across digital assets, we are creating a robust ecosystem that bridges traditional financial services with digital assets. Underpinned by our commitment to providing seamless, secure, and programmable transactions, we are excited to bring Fiserv's FIUSD to our customers, consumers and businesses around the world.' 'FIUSD presents Fiserv customers with access to a new, more efficient, and interoperable digital asset service for their banking and payment flows. To date, stablecoins have largely been a store of value. Our work with Mastercard is promoting greater reach and utility of stablecoins by helping our financial institutions and merchants enable greater payments choice to their customers,' said Takis Georgakopoulos, Chief Operating Officer, Fiserv. About Mastercard Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we're building a resilient economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential. About Fiserv, Inc. Fiserv, Inc. (NYSE: FI), a Fortune 500 company, moves more than money. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and Clover ®, the world's smartest point-of-sale system and business management platform. Fiserv is a member of the S&P 500 ® Index and one of Fortune ® World's Most Admired Companies™.
