Mastercard has launched a comprehensive crypto partner program. The payments giant is integrating over 85 companies from the blockchain, fintech, and traditional banking sectors into its network. Partners include Binance, PayPal, Ripple, Circle, Gemini, Paxos, Crypto.com, OKX, and Bybit.
Infrastructure providers such as Fireblocks, Chainalysis, MoonPay, and Worldpay are also part of the initiative. This Mastercard crypto partner program targets concrete enterprise use cases: cross-border remittances, B2B transfers, global payouts, and settlement. Its network connects banks, merchants, and consumers in over 200 countries. With "Mastercard Move Cross-Border Services," the company brings a fiat infrastructure that reaches more than 95 percent of the world's population. Already in late February, Mastercard made the MetaMask Card widely available in the US. In early March, it also secured SoFi Technologies as a stablecoin settlement partner.
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Multi-token network and stablecoins as settlement layer
At the core of the program is a "Multi-Token Network" (MTN). This private settlement layer connects tokenized bank deposits and regulated stablecoins across financial institutions. Additionally, Mastercard provides a tool called "Crypto Credential." It replaces cryptic wallet addresses with human-readable identifiers and automates regulatory compliance checks. As a result, transaction errors should decrease significantly.
"The focus is on practical implementation: translating technical innovation into scalable, compliant use cases that can work across markets." - Mastercard statement
Beyond crypto exchanges, blockchain networks such as Solana, Avalanche (Ava Labs), Aptos, Polygon, Axelar, Tron, and Optimism are also participating. Consequently, the program covers both the trading and infrastructure layers. Meanwhile, the global stablecoin market crossed the $312 billion mark this week. Mastercard is positioning itself at a moment when institutional demand and regulatory clarity converge.
SoFi stablecoin and MetaMask Card as program products
SoFi Technologies closed a partnership with Mastercard in early March. SoFiUSD, a fully backed US dollar stablecoin, will serve as a settlement option within the global Mastercard payments network. SoFi Bank has held a US national bank charter since 2022 and launched the stablecoin in December 2025. Galileo, SoFi's technology platform, is set to be among the first companies to offer payment card clients settlement in SoFiUSD. This gives a stablecoin issued by a regulated national bank direct access to the Mastercard network.
On February 26, Mastercard launched the MetaMask Card in the US together with Consensys and Monavate. Users can make payments with USDC, USDT, mUSD, and yield-bearing tokens such as aUSDC (via Aave). Two card variants are available: a free virtual version with 1 percent cashback and a metal version for $199 per year with 3 percent cashback on the first $10,000 annually. Cashback rewards flow into mUSD, an Ethereum-based stablecoin via Stripe subsidiary Bridge.
Beyond the US, the MetaMask Card is already active in Switzerland, the European Economic Area, the United Kingdom, Canada, Argentina, Brazil, Colombia, and Mexico. PayPal brings an additional 430 million active accounts as a consumer on-ramp to the program. Modern Treasury also joined as another payment infrastructure provider.
Failed Zerohash acquisition as backstory
This crypto partner program did not emerge from nowhere. Mastercard was in advanced talks until late 2025 to acquire blockchain infrastructure firm Zerohash for $1.5 to $2 billion. However, Zerohash declined, choosing to remain independent.
"We are not interested in an acquisition by Mastercard. Our team is critical to our speed, and we believe that staying independent best positions Zerohash to continue innovating." - Zerohash spokesperson
Zerohash serves over 5 million users in 190 countries and counts Interactive Brokers, Stripe, BlackRock's BUIDL fund, and Franklin Templeton among its clients. After the failed deal, the company is pursuing a $250 million funding round at a $1.5 billion valuation. Instead, Mastercard is now exploring a strategic investment, though whether that materializes remains open. The company was also interested in a potential acquisition of BVNK, a London-based stablecoin payments platform.
Even before the new program, Mastercard supported blockchain startups through the "Start Path" accelerator program and operated "Engage," a platform with a dedicated crypto card program. Moving to a broad-based partner program with 85 companies marks an escalation of strategy. Rather than pursuing individual acquisitions, Mastercard now bets on an open ecosystem.
Agentic commerce and the race in traditional finance
Through the program, Mastercard is also pursuing a concept called "Agentic Commerce." AI-driven agents are intended to autonomously initiate and complete transactions via the crypto infrastructure. Specifically, Mastercard is building its blockchain infrastructure to be accessible not only to human users but also to machine actors. How far advanced the implementation is remains unclear.
This push fits into a broader industry movement. In the same week, Wells Fargo filed a trademark for its own WFUSD stablecoin. Insurance group Aon simultaneously processed a policy payout via stablecoins. Competitor Visa has already conducted stablecoin settlement tests with digital dollar issuers and blockchain firms. Meanwhile, major banks are exploring tokenized deposits and blockchain-based payment systems on their end.
Mastercard is not alone, but with the scope of its partner program, it moves faster than most competitors. Still, Mastercard stock trades at around $505, roughly 16 percent below the all-time high of approximately $597 in August 2025. So far, the market has not rewarded the strategic push with a price rally.
