Don’t let Mastercard run alone! Visa, Baanx and Bridge launch stablecoin payment card

With the rapid rise of stablecoins and crypto payments, financial technology companies and traditional financial giants are collaborating to seamlessly integrate cryptocurrencies into the global payment network. Card issuer Visa recently announced partnerships with Baanx and Bridge to launch new financial cards supporting USDC, aiming to enable users to make global purchases directly through crypto wallets. Baanx and Visa have partnered to introduce the first stablecoin payment card linked to a self-custodial wallet, initially supporting USDC issued by Circle and pegged 1:1 to the US dollar in the United States: Cardholders can immediately transfer USDC from their crypto wallet to Baanx after smart contract authorization, with Baanx instantly converting it to fiat currency to complete the payment. Previously, Baanx also collaborated with Mastercard to launch a financial card integrated with the MetaMask wallet, further expanding the application of crypto payments. In addition to the Baanx partnership, Visa has also collaborated with the recently Stripe-acquired startup Bridge to launch a Visa financial card supporting stablecoins. The card will first be launched in six Latin American countries: Argentina, Colombia, Ecuador, Mexico, Peru, and Chile, allowing merchants to receive local fiat currency payments while users can spend stablecoins. Bridge will handle the backend infrastructure, helping to process stablecoin deductions and fiat currency conversion, enabling merchants and users worldwide to easily accept and spend stablecoins when using Visa. As crypto payment demands rise, financial institutions are positioning themselves in payment infrastructure such as financial cards. Mastercard recently announced integration of its "Global End-To-End Stablecoin Payment System" and "Multi-Token Network (MTN)" through collaborations with MetaMask, Baanx, Ledger, Paxos, and OKX. Meanwhile, Circle has also indicated plans to launch its own payment network "CPN", focusing on cross-border payments and remittances, signaling an intensifying trend of stablecoin issuers directly entering the payment domain. Both Baanx and Bridge's solutions symbolize the increasingly important role of stablecoins in the global payment system. Visa, as one of the world's largest card organizations, has successfully bridged on-chain assets with real-world consumption through partnerships with these crypto startups, paving the way for future digital finance.

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