‍Manila, 17 October 2024 — At Meridian 2024 in London, the Stellar Development Foundation shared exciting news about a partnership with Mastercard. This collaboration will connect Mastercard's Crypto Credential solution with the Stellar network, improving global payment systems and digital financial services.

The Mastercard Crypto Credential, which verifies transactions between consumers and businesses on blockchain networks, will be part of the Stellar ecosystem. This unique credentialing solution will allow crypto wallet providers, including Coins.ph from the Philippines, Mercado Bitcoin, and Wirex, to offer a variety of secure and compliant services.

“As the largest exchange in the Philippines, Coins.ph is at the forefront of driving innovation in the financial landscape, making Mastercard’s Crypto Credential on Stellar a perfect fit for us. In 2023, remittances to the Philippines reached $37.2 billion, highlighting the vast potential to bring millions on-chain—many of whom will experience the benefits of crypto for the first time, starting with fast and low-cost cross-border transactions made possible through our collaboration.” - Wei Zhou, Coins.ph CEO 

Currently, the process of transferring cryptocurrency remains complicated, making it difficult for many to adopt. However, with Mastercard Crypto Credential, users can easily start crypto remittances simply by using the recipient's email address. In the background, Mastercard Crypto Credential verifies that the destination is correct, can accept the chosen digital asset, and meets regulatory requirements.

“We designed Mastercard Crypto Credential to bring more trust and innovation to the digital assets ecosystem. Bringing our technology, standards and infrastructure together with Stellar's commitment to powering commerce using blockchain technology, we are paving the way for safer, simpler, and more secure digital assets." - Raj Dhamodharan, executive vice president, Blockchain & Digital Assets at Mastercard

Mastercard Crypto Credential verifies interactions between consumers and businesses, offering users reassurance that they meet certain verification standards. This solution enhances trust and certainty during transactions by exchanging metadata and facilitates the necessary information for cross-border transactions.

The collaboration between Stellar and Mastercard will start by enabling credentialing for remittances and peer-to-peer transfers. By pairing the ease of use of Mastercard Crypto Credential with Stellar’s fast settlement times and low fees, the partnership aims to enhance user experience. Furthermore, both companies will investigate how Mastercard's extensive services can be utilized within the Stellar network, leading to new and creative applications of blockchain technology.

"The Stellar network was designed to be fast, affordable and to demonstrate blockchain technology's ability to solve real problems for people. Collaborating with Mastercard to integrate Mastercard Crypto Credential into the Stellar ecosystem will make transferring funds safer and faster, enabling a wide range of use cases and further driving adoption of blockchain technology." - Denelle Dixon, CEO of the Stellar Development Foundation

This partnership represents an important advancement in making cryptocurrency transactions easier and safer for users. The Stellar network features a vast array of on-and-off-ramps that facilitate cash-to-crypto transactions worldwide, along with a network of trusted financial institutions offering various regulated, tokenized real-world assets.

This integration showcases how powerful partnerships can shape the future of blockchain technology. By making transactions simpler and boosting security, incorporating Mastercard Crypto Credential into the Stellar network is making blockchain more accessible and attractive to a wider audience, aiming to encourage broader adoption and mainstream usage.

About Coins.ph 

Coins.ph is on a mission to power the new internet with easy access to digital assets and web3 products. Launched in 2014, Coins.ph is the most established crypto brand in the Philippines and has gained the trust of more than 18 million users. Through the easy-to-use mobile app, users can buy and sell a variety of different cryptocurrencies and access a wide range of financial services. Coins.ph is fully regulated by the Bangko Sentral ng Pilipinas (BSP) and is the first ever crypto-based company in Asia to hold both Virtual Currency and Electronic Money Issuer licenses from a central bank.

About Stellar

Stellar is more than a blockchain. Powered by a decentralized, fast, scalable, and uniquely sustainable network made for financial products and services and a thriving and passionate ecosystem that includes a non-profit organization driven by a mission, Stellar is paving the path to unlock the world’s economic potential through blockchain technology. Built with speed and low costs in mind, the Stellar network provides builders and financial institutions worldwide a platform to issue assets, and to send and convert currencies in real time creating real world utility. 

About the Stellar Development Foundation

The Stellar Development Foundation (SDF) is a non-profit organization that supports the development and growth of Stellar, an open-source network that connects the world’s financial infrastructure. Founded in 2014, the Foundation helps maintain Stellar’s codebase, supports the technical and business communities building on the network, and serves as a voice to regulators and institutions. The Foundation seeks to create equitable access to the global financial system, using the Stellar network to unlock the world’s economic potential through blockchain technology. For more information, visit stellar.org/foundation.  

Contact

For further information, please contact media@stellar.org. 

Joma Garcia

joma.garcia@coins.ph

Cris Maniago 

cris.maniago@coins.ph