PANews reported on February 13 that according to Cointelegraph, global payment service giant Mastercard reported that 30% of its transactions were tokenized in 2024; at the same time, Mastercard also recognized the ability of stablecoins and other cryptocurrencies to subvert traditional financial services.
In a filing with the U.S. Securities and Exchange Commission (SEC), the company said it had made significant progress toward its goal of "innovating the payment ecosystem," including tokenizing transactions, creating solutions that unlock blockchain-based business models, and simplifying access to digital assets. Mastercard said it has partnered with a range of cryptocurrency players to enable consumers to purchase cryptocurrencies with their credit cards and spend their balances at merchants that accept its brand. The company also reported net revenue of $28.2 billion in 2024, up 12% from the previous year.
Mastercard acknowledged that stablecoins and other cryptocurrencies are becoming competitors in the payments industry. The company said digital currencies have the potential to "disrupt traditional financial markets" and could challenge its existing products. The company said that stablecoins and cryptocurrencies are likely to become more popular as they become regulated due to the accessibility, immutability and efficiency of digital assets.
