Mastercard CEO: 90% of stablecoin transactions are trapped in the crypto space, and daily payments have a long way to go

PANews reported on July 15 that according to Zhitong Finance, Mastercard's Chief Product Officer Jorn Lambert said that despite the popularity of stablecoins, there is still a long way to go before they become a viable daily payment tool. Lambert stated that in addition to technical attributes, seamless and predictable user experience, broad coverage, and widespread consumer distribution are also crucial for stablecoins to become a payment tool. Lambert said that Mastercard positions itself as a bridge between digital assets and the traditional financial system and can provide infrastructure to enable large-scale use of stablecoins. Lambert pointed out that currently about 90% of stablecoin transaction volume is related to cryptocurrency trading, with investors using these dollar-pegged tokens to buy and sell digital assets. Although companies like Shopify and Coinbase have taken steps to promote stablecoin use in daily consumer payments, Lambert believes that barriers such as low consumer acceptance and additional friction in online checkout processes will be difficult to overcome in the short term.