Mastercard and Circle Rewrite Payment Rules with Real-Time Stablecoin Settlements

Mastercard and Circle have introduced real-time stablecoin settlement capabilities for acquirers in the Eastern Europe, Middle East, and Africa (EEMEA) region, marking a significant step toward integrating blockchain-based assets into traditional commerce infrastructure. The partnership allows acquiring institutions to settle transactions in Circle’s USDC and EURC stablecoins, which are fully reserved and issued by regulated affiliates. These stablecoins can then be used to settle with merchants, facilitating faster and more efficient digital trade across emerging markets. Arab Financial Services and Eazy Financial Services are among the first to adopt this solution, with both companies highlighting the reduction in settlement friction and the enhancement of payment efficiency and security [2].

The collaboration expands on an existing partnership between the two firms, which had already introduced crypto card solutions in the EEMEA region. These include offerings from Bybit and S1lkPay, which use USDC to settle transactions. According to Circle, the total amount of USDC in circulation has grown significantly, reaching $65.2 billion by August 10, 2025, with the company now holding a 28% share of the fiat-backed stablecoin market. This growth underscores the increasing adoption of stablecoins as a reliable medium for everyday financial activity [2].

Mastercard emphasized that the expansion of stablecoin settlement is part of its broader strategy to integrate tokenized assets into mainstream financial systems. By leveraging its global payments network, Mastercard aims to enhance trust and scalability in the stablecoin ecosystem. Dimitrios Dosis, President of EEMEA at Mastercard, noted that the company is applying its expertise in security and compliance to ensure stablecoins meet the necessary standards for widespread adoption. Kash Razzaghi, Chief Business Officer at Circle, added that this initiative positions stablecoins as a foundational tool for enabling borderless, real-time commerce [3].

For acquirers in the EEMEA region, the move offers a new layer of flexibility and operational efficiency. Samer Soliman, CEO of Arab Financial Services, stated that the solution addresses a critical need for greater liquidity and reduces the friction associated with high-volume settlements. Similarly, Nayef Al Alawi, CEO of Eazy Financial Services, highlighted the importance of digital asset innovation within a secure and compliant framework. These developments align with broader trends in the payments industry, where stablecoins are increasingly being used to streamline cross-border transactions and reduce reliance on traditional settlement mechanisms [2].

From a regulatory perspective, the integration of stablecoins into existing financial infrastructure presents both opportunities and challenges. While initiatives such as the EU’s Markets in Crypto-Assets (MiCA) framework and the U.S. GENIUS Act aim to establish clearer rules for stablecoin issuance and usage, the global regulatory landscape remains fragmented. This complicates large-scale adoption and raises questions about how stablecoins may impact national monetary policies. Despite these challenges, the continued growth of stablecoins like USDC suggests that they are becoming an increasingly important part of the global financial system, particularly in sectors such as remittances, B2B payments, and merchant transactions [1].

Mastercard’s efforts to support regulated stablecoin use cases—spanning remittances, B2B transactions, and payouts to gig workers—demonstrate a broader industry shift toward tokenized and programmable money. The company is also working with other stablecoin issuers, including Paxos, Fiserv, and PayPal, to offer a diversified portfolio of digital assets. These initiatives are underpinned by Mastercard’s robust infrastructure, including Crypto Credential and Crypto Secure, which ensure stablecoin transactions meet stringent security and compliance standards. As stablecoins continue to evolve, their role in reshaping the global payments landscape is expected to grow, driven by innovation, regulatory clarity, and increasing demand for faster, more transparent financial solutions [3].

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[1] Stablecoins and FX: key research, regulatory updates, and ... (https://thepaypers.com/crypto-web3-and-cbdc/expert-views/stablecoins-and-fx-key-research-regulatory-updates-and-final-takeaways-part-3)

[2] Mastercard and Circle Enable Stablecoin Settlement in ... (https://www.pymnts.com/cryptocurrency/2025/mastercard-circle-enable-stablecoin-settlement-eemea-region/)

[3] Mastercard expands partnership with Circle to transform ... (https://www.mastercard.com/news/eemea/en/newsroom/press-releases/en/2025-1/august/mastercard-expands-partnership-with-circle-to-transform-digital-settlement-for-merchants-and-acquirers-in-region/)