Mastercard has activated on-chain settlement using regulated stablecoins across its global network, allowing card transactions to clear outside traditional banking hours on multiple blockchains.
The payment group will now support settlement in stablecoins such as USDC, PYUSD, USDG, USDP, RLUSD, and SoFiUSD, alongside traditional fiat currencies. Settlement will take place on networks including Ethereum, Solana, Polygon, Base, Arbitrum, Canton, Tempo, and the XRP Ledger, enabling intraday, weekend, and holiday processing.
How the new settlement system works
The change affects the back-end layer of payments rather than consumer checkout experiences. Issuers and acquirers will be able to settle obligations between themselves using regulated stablecoins while keeping Mastercard’s existing security, fraud controls, and dispute processes.
According to the company, the aim is to improve liquidity management and speed within existing settlement frameworks, offering an alternative to conventional wire transfers that are constrained by banking windows.
Early participants in the rollout include ARQ, CBW Bank, Cross River, Lead Bank, and Nuvei in the United States and Latin America. Mastercard plans to extend the program to more partners through 2026.
Regulatory approvals and recent deals
The move builds on regulatory and structural steps Mastercard has taken to expand its digital asset infrastructure.
In May, the firm secured approval from the New York State Department of Financial Services to handle tokenized deposits and regulated payment stablecoins. That license allows it to directly manage and settle these assets within its network.
In March 2026, Mastercard agreed to acquire stablecoin infrastructure provider BVNK for up to $1.8 billion, a deal aimed at strengthening its technology stack for digital asset settlement. The company later granted principal membership to card issuer Rain, further tying its network to crypto-linked services.
Together, these steps form the backbone for the new stablecoin settlement capabilities now going live.
Competitive landscape in stablecoin settlement
Mastercard’s expansion comes as other global payment firms accelerate their own blockchain settlement strategies.
Visa has recently extended its pilot programs to link settlement to stablecoins across nine blockchains. The company reported that its stablecoin settlement volume has reached an annualized run rate of about $7 billion, with growth of 50% in the latest quarter.
MoneyGram has chosen a different route, launching its MGUSD token on the Stellar network to support cross-border transfers. Chief executive Anthony Soohoo has said the firm is focused on serving people with limited access to traditional financial services who need affordable remittance options.
Stablecoin market concentration
The broader market for dollar-pegged tokens has grown rapidly, with total circulation nearing or surpassing $300 billion, depending on methodology and timing.
Data indicate Tether’s USDT represents about $188 billion of this supply, while Circle’s USDC accounts for roughly $76 billion. Together, the two tokens dominate the regulated dollar stablecoin segment that large payment networks are now starting to use for settlement.
Signals for traders and blockchain networks
For traders watching the impact of Mastercard’s move, several areas may be key:
- on-chain volumes and transaction counts for USDC, PYUSD, USDP, RLUSD, and related tokens on Ethereum, Solana, Polygon, Base, Arbitrum, and the XRP Ledger
The choice to deploy across multiple high-throughput blockchains underlines which networks large financial institutions currently view as suitable for enterprise-grade settlement.
If Mastercard’s partners ramp up usage, settlement flows could add to demand and activity on these chains, reinforcing the role of regulated stablecoins as core infrastructure in global payment systems rather than just trading instruments on crypto platforms.
See how traditional finance meets blockchain in 2026—explore TradFi vs DeFi and sharpen your stablecoin settlement insights.
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