Mastercard Expands Partnership with Circle to Boost Stablecoin Settlements in EEMEA

Mastercard expands its partnership with Circle to offer USDC and EURC settlements for acquirers in EEMEA. The first acquirers to benefit are Arab Financial Services and Eazy Financial Services. This move reinforces Mastercard's efforts to promote stablecoin adoption and expand payment capabilities. The company's competitors include PayPal and Visa. Mastercard's shares have gained 25.4% in the past year and trade at a forward P/E ratio of 32.75.

Mastercard Incorporated (MA) has bolstered its collaboration with Circle to introduce USDC and EURC settlements for acquirers in the Eastern Europe, Middle East, and Africa (EEMEA) region. Arab Financial Services and Eazy Financial Services are the first to benefit from this rollout. The integration of Circle’s stablecoins allows acquirers to settle transactions in USDC or EURC, which are fully reserved and issued by Circle’s regulated affiliates.

This move aims to facilitate faster, more reliable, and cost-efficient digital trade across emerging markets. By offering stablecoin settlements, Mastercard seeks to promote widespread adoption of stablecoins and expand its payment capabilities. The company has been actively supporting various stablecoins, including USDG, FIUSD, and PYUSD, and is committed to advancing cross-border remittances, B2B payments, and gig worker payouts through initiatives like Mastercard Move and MTN [1].

The timing of this partnership is strategic, as the adoption of stablecoins is accelerating across the EEMEA region. The tie-up with Circle is expected to scale the reach of Mastercard cards powered by stablecoins across EEMEA’s payments landscape, potentially leading to increased usage of MA-branded cards and boosting net revenues from its payment network [1].

Mastercard’s competitors in the crypto space include PayPal Holdings, Inc. (PYPL) and Visa Inc. (V). PayPal has expanded its cryptocurrency services, allowing users to buy, hold, and sell digital assets and offering “Checkout with Crypto” for merchants. Visa, on the other hand, supports crypto-linked card programs and partners with exchanges and wallet providers to expand stablecoin and blockchain access [2].

Both companies have shown strong growth in their net revenues. Mastercard’s net revenues improved by 17% year over year in the second quarter of 2025, while Visa’s net revenues advanced by 14% year over year in the third quarter of fiscal 2025. Despite this growth, Mastercard’s shares have gained 25.4% in the past year compared to the industry’s 20.8% growth. From a valuation standpoint, MA trades at a forward price-to-earnings ratio of 32.75, above the industry average of 22.24. The Zacks Consensus Estimate for Mastercard’s 2025 earnings implies a 11.7% rise from the year-ago period, with revenues expected to grow by 15.1% year over year [1].

References:
[1] https://www.nasdaq.com/articles/ma-expands-tie-circle-boost-stablecoin-settlements-eemea
[2] https://www.nasdaq.com/articles/visas-platform-expands-reach-powering-authvias-text-based-payouts