Raj Dhamodharan, who heads Mastercard’s crypto and blockchain division, says many traditional finance firms, including Mastercard, are shifting their focus from crypto experimentation to practical solutions.
In a recent interview, Dhamodharan discussed “moving beyond (crypto) experimentation” and focusing on real solutions. He also mentioned Mastercard’s move to allow stablecoin payments for financial institutions to promote the adoption of digital currency.
He said, “What is stopping [crypto] from going mainstream is that consumers need to be able to find each other using what they already know.”
Mastercard’s Crypto Credential system is one of the firm’s significant efforts to bridge the gap between mainstream payments and cryptocurrencies.
Dhamodharan said Mastercard wants to connect traditional finance with blockchain networks while complying with the regulations for new business models. The payment giant is open to partnerships in 2025 to reach its goal of crypto adoption in global transactions.
He insisted that the industry needs to be open to making crypto broadly available.
Mastercard is open to more partnerships in 2025 to promote crypto adoption
One of Mastercard’s earlier partners was Binance. However, the partnership paused in August 2023 when the crypto exchange encountered legal problems. After one year, Mastercard again enabled the purchasing of crypto for its users using Binance.
The spokesperson regarded Binance as a great partner. He said “We continue to partner with them in a number of new ways where we can help them with on-ramp and off-ramp. Those are the continuing conversations.”
Mastercard’s spokesperson is positive about the tokenization of real-world assets. He believes that if there is more regulatory clarity on how deposits could be represented on the public chain, businesses can scale tokenized assets to the next level.
Mastercard also wants to focus on stablecoins in 2025. The spokesperson said both traditional deposits and stablecoins will be significant in the future. Traditional bank deposits will allow people and businesses to store their money, while stablecoins will transfer and settle it smoothly on the blockchain.
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