Mastercard brings stablecoin balances into traditional banking and card payments

[Oshosondy]

Some people will use MasterCard and think they are using cryptocurrencies. With crypto, also stable coins which are also crypto, no restrictions in sending so far you are using noncustodial wallet. With MasterCard, there will be restrictions while using it to send the stable coins. People that do not know this but using MasterCard will later be fooled with such restrictions.

https://cointelegraph.com/news/mastercard-bvnk-global-money-platform-stablecoins

[Nwada001]

I will at least understand a situation where someone wants to spend their little crypto holding from a card and use it to make payment in stores and online while still holding and expecting to make profit from it, but it’s a different case with stablecoins.

At least the reason why some choose stablecoins is to run away from card international payment charges and delays, their control level, etc. Now they have introduced that very same system linking it to stablecoins.

Currently there target is major companies, which it will gradually spread to individuals. I can’t imagine those who will be stupid enough to use it.

[TastyChillySauce00]

The first second you decided to use stablecoin you're basically giving up your financial sovereignty that you have because stablecoin is centralized to its core, from reserve to the contract which have blacklisting function. The restriction is already built into stablecoin.

When Mastercard convert your stablecoin to fiat behind the curtain using BVNK which also Mastercard's company, it's just another centralized services hopping. If businesses decided to accept stablecoin via Mastercard Move network, it would make no difference, in my opinion.

[pooya87]

This is not surprising since stablecoins can essentially be categorized as "centralized digital fiat" therefore it is trivial to integrate them into any other "centralized digital fiat" payment systems such as MasterCard or anything similar since they are all in the same category.

BTW this is why I've always said comparing stablecoins with other cryptocurrencies is wrong since they are not in the same category.

[New Judgement]

At least the reason why some choose stablecoins is to run away from card international payment charges and delays, their control level, etc. Now they have introduced that very same system linking it to stablecoins.

Currently there target is major companies, which it will gradually spread to individuals. I can’t imagine those who will be stupid enough to use it.

For Mastercard to introduce this, it only means they have seen the possibility of making profits due to the demand for this very service. For sure there will be individuals that will make use of the service. Where I see people will use this service most is when converting their stablecoins into fiat when sending fiat to their relatives, or when they want to make use of fiat payments with their card.

[_act_]

The first second you decided to use stablecoin you're basically giving up your financial sovereignty that you have because stablecoin is centralized to its core, from reserve to the contract which have blacklisting function. The restriction is already built into stablecoin.

When Mastercard convert your stablecoin to fiat behind the curtain using BVNK which also Mastercard's company, it's just another centralized services hopping. If businesses decided to accept stablecoin via Mastercard Move network, it would make no difference, in my opinion.

It is true that the stable coins are centralized, but the way they are used are different. The one for MasterCard will have more restrictions than the stable coins on your wallet.

I thought not all stable coins are centralized. Is DAI centralized? Most stable coins are centralized, but not all of them that are centralized. I think we should have a topic on fiat stable coins that are not centralized.

[Nightwatchmare]

Mastercard new service is to allow businesses ilntegrate digital currencies into traditional banking and card service, this will completely make people who would use mastercard latest service to submit themselves to centralized platform leaving them to face intermediary when carrying out transaction and they can be restricted to spend their money. Even if stablecoin are considered centralized, i will rather spend my stablecoin through my own wallet because it gives me the power not to face restriction and i can send any amount of money to my loved ones through stablecoin.