Mastercard Expands Blockchain Network for Digital Asset Payments

Mastercard is expanding its blockchain infrastructure to support a digital asset payment network that mirrors the convenience of Venmo and Zelle. The company’s Multi-Token Network, launched in 2023, is designed to process transactions across digital assets while meeting regulatory requirements. This network aims to connect traditional and decentralized finance under a shared infrastructure, providing a fully compliant framework and consumer experience similar to existing payment systems.

Mastercard is focusing on partnerships with major financial institutions to pilot use cases. Collaborations with JPMorgan and Standard Chartered include testing tokenized deposits, carbon credits, and cross-border payments. A February 2025 partnership with Ondo Finance also introduced support for on-chain versions of money market funds and Treasuries. These partnerships are crucial for Mastercard’s strategy to link traditional finance with blockchain applications.

To reach consumers, Mastercard has rolled out more than 100 crypto card programs globally, ranging from prepaid and credit cards to products that convert rewards into crypto. Raj Dhamodharan, Mastercard’s executive vice president of blockchain and digital assets, emphasized the importance of this channel, saying, “This flow of capital and spending power from the consumer side is essential to the success of this entire sector.”

Internally, Mastercard’s investment spans legal, product, and engineering teams. Since 2015, the company has filed more than 250 blockchain-related patents and backed over 40 blockchain startups through its accelerator program. This investment reflects a broader shift in how incumbents are co-opting once-disruptive technologies to reinforce their position, not dismantle it.

Traditional institutions are no longer sitting on the sidelines when it comes to blockchain adoption. Mastercard’s strategy reflects a broader shift in how incumbents are integrating decentralized technologies into traditional frameworks. This quiet evolution in financial infrastructure raises questions about the future of digital finance. As major institutions integrate decentralized technologies into traditional frameworks, the boundaries between innovation and established power structures blur.

Ultimately, it may not be decentralization itself but the control of digital pathways—once considered disruptive—that reshapes how value moves around the globe. This shift compels reflection: As blockchain merges with mainstream finance, will it fulfill its original promise of democratized access, or reinforce existing hierarchies under a new technological guise?