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Mastercard CEO Says Stablecoins Solve Cross-Border Payment Delays

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Mastercard CEO Says Stablecoins Solve Cross-Border Payment Delays

Cross-border payments are proving to be the strongest use case for stablecoins, Mastercard CEO Michael Miebach said Friday (Oct. 9), Bloomberg reported.

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During an interview with Bloomberg TV, Miebach said stablecoins provide an alternative to traditional methods of cross-border payments that take days and have unclear fees.

“From a working capital perspective for a company, if you could move the money instantly, it would be so much better,” Miebach said, per the report.

Miebach highlighted Mastercard’s backing of Open Standard and its recently issued U.S. dollar-backed stablecoin, according to the report.

Open Standard announced Sept. 30 that the Open USD (OUSD) stablecoin is live and that Mastercard is one of the four integration paths through which businesses can get started with OUSD. The other three are Stripe, Coinbase and Visa.

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When Open Standard announced June 30 that the stablecoin was set to go live later in the year and that several dozen companies had signed up to use it, the company described OUSD as a “money movement stablecoin.”

Miebach told Bloomberg TV Friday that Mastercard aims to “create a stablecoin particularly focused on moving money instead of investment purposes.”

The PYMNTS Intelligence report “From Asset to Everyday Money: Making Digital Currencies Spendable” found that cross-border B2B transfers are already one of the largest use cases for stablecoins and represent the majority of global stablecoin payment volume.


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