Michael Miebach sees opportunities for Mastercard but does not expect widespread consumer adoption yet.
Mastercard CEO Michael Miebach said cross-border payments are the clearest current use case for stablecoins and the area where the company sees the strongest traction, Bloomberg reported on October 9.
Speaking to Bloomberg TV in London, Miebach said international transfers can take days and carry unclear fees. He argued that instant transfers would improve companies’ working capital management.
Mastercard, Visa, Stripe and around 100 other companies back Open Standard, which recently issued a dollar-pegged stablecoin. Miebach said Mastercard wanted a token focused on moving money rather than investment.
Mastercard acquired stablecoin infrastructure provider BVNK earlier this year in a deal worth up to $1.8 billion. Miebach described stablecoins as an opportunity for the payments company but said broad consumer adoption was not yet his expectation.
He also said AI benefits payment services while creating additional risks by helping scammers as well as fraud defenders.
