Mastercard, ADI Foundation to introduce stablecoin payments in the UAE

Uk Jin

Summary

Mastercard and ADI Foundation announced they are cooperating to build a stablecoin payment system in the UAE.
They said they plan to expand digital asset payment systems through stablecoin-based payment cards, use cases for tokenized physical assets, support for B2B transactions, and more.
NEO PAY and INFINIOS have also joined the project; they said NEO PAY will provide real-time payments and digital liquidity, and INFINIOS will use stablecoins for financing and as a payment method.

Mastercard logo

Mastercard is partnering with Abu Dhabi-based ADI Foundation(ADI Foundation) to build a payment system in the United Arab Emirates (UAE) that uses stablecoins (crypto assets pegged to fiat currency).

On the 16th (Korean time), according to crypto-focused media outlet Cryptopolitan, Mastercard and the ADI Foundation are collaborating on stablecoin payments. The two plan to expand payment systems using digital assets through stablecoin-based payment cards, use cases for tokenized physical assets, support for remittances and B2B transaction flows, among other initiatives.

This collaboration is part of the UAE's strategy to establish itself as a hub for digital assets and blockchain technology.

Meanwhile, NEO PAY(NEO PAY) and INFINIOS(INFINIOS) have also joined the project to help expand stablecoin payments. INFINIOS plans to use stablecoins for funding and as a payment method, while NEO PAY will take on the role of providing real-time payments and digital liquidity.

Prakriti Singh, Mastercard's Vice President of Core Payments for Eastern Europe, the Middle East and Africa, said, "Through this collaboration we will increase the efficiency of digital payments and enable faster and more secure transactions," adding, "We will connect traditional finance and the blockchain ecosystem through asset tokenization and stablecoin-linked applications."

The ADI Foundation said, "We will create social value through blockchain solutions and have a tangible impact on various industries."