Nium launches stablecoin card issuance platform across Visa and Mastercard
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The platform aims to help businesses issue stablecoin-funded cards is aimed at using digital dollar balances at the point of sale using existing card networks.
Global payments infrastructure provider Nium has launched a platform that allows businesses to issue stablecoin-funded cards through Visa and Mastercard, in the latest development enabling digital dollar balances to be spent at merchants using existing card networks.
Nium said the system converts stablecoin balances into fiat at the point of sale and handles settlement, compliance and card network integration through a single integration.
The tech company said it expects to be able to shorten the time required to launch stablecoin card programs from months to days by consolidating conversion, settlement and compliance into a single integration layer.
Consultancy Bain & Company said recently that “Stablecoins are having a headline moment as US legislators turn their attention to clarifying the rules of the game.”The proposed CLARITY Act is stuck in Congress as the crypto industry and the nation’s banks battle over stablecoin rewards.
At the time of writing, the stablecoin market capitalization exceeds $315 billion, according to DefiLlama data, with Tether’s USDT (USDT) accounting for about $184 billion, or around 58% of the market.
Related: Ethereum risks losing No. 2 spot as stablecoins gain ground
US legislation notwithstanding, activity around stablecoin payments is expanding across card networks, fintechs and technology platforms.
In October, Visa said it would expand its stablecoin support to four tokens across four blockchains, allowing conversion into more than 25 fiat currencies. It already supports stablecoins including Circle’s USDC and Euro Coin, as well as PayPal USD and Global Dollar, across networks such as Ethereum, Solana, Avalanche and Stellar.
Earlier this month, Mastercard agreed to acquire stablecoin infrastructure company BVNK in a deal valued at up to $1.8 billion, including contingent payments, to connect fiat payment rails with onchain transactions.
Beyond the card networks, PayPal, which launched its PYUSD (PYUSD) stablecoin in August 2023, recently introduced PYUSDx, a platform that allows developers to issue dollar-pegged tokens backed by PYUSD for use in transactions within applications and digital ecosystems.
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Source: CoinTelegraph
