Blockchain Bulletin: Unchained invites some of the leading figures from the industry to explain, analyse and breakdown some of the key themes and news stories transpiring in real-time in an ever-evolving sector.
In the latest episode of Blockchain Bulletin: Unchained, Pratik Khowala, Head of Mastercard Move at Mastercard, reveals how the global card network company has invested in crypto on/off ramp, stablecoin payments, companies and more.
Mastercard supports fiat-to-crypto, and crypto-to-fiat, payment conversions by supporting customers at the checkout for the conversion, while assisting the merchant to convert the payment in their preferred local currency.
This falls under the Mastercard Crypto Card Program, which works with issuers and banks to settle payments on-chain while also supporting the benefits of using the digital currencies for payments, such as rewards, cashbacks and more.
This has evolved into stablecoin payments, supporting currencies such as USDC, PYUSD and RLUSD for cross-border payments, as well as embedded digital wallet payouts.
Khowala explains the value of these conversions of crypto-to-fiat payments for the benefit of both the consumer and merchant.
“Let’s use stablecoins as an example, where you use USD and convert it into a digital currency which is backed by USD to make it stable, and convert that into USDC,” says Khowala. You use that USDC – on ramp – and then you off ramp by converting it into a local currency to receive the money.
“We have taken that USDC and moved the money instantly on blockchain, and then deposited it into a recipient’s stablecoin wallet, or a bank account. What it does is make the money movement significantly faster and seamless, that is the real value of fiat-to-crypto, and crypto-to-fiat.”
Investing for the future
In March 2026, Mastercard announced the acquisition of stablecoin payment infrastructure company, BVNK.
It was a record fee paid for a stablecoin company at $1.8bn, but also also a landmark deal as it highlighted the confidence from traditional finance firms like Mastercard of how blockchain payments rails can become the next innovation in global settlement.
With Stripe acquiring stablecoin infrastructure company Bridge for $1.1bn in 2024, major of the major payment processes are acquiring the companies that own the stablecoin rails to gain one foot in the race to make payments more instantly with stablecoins.
Khowala reveals why Mastercard acquired BVNK and how by combining Mastercard’s 150 million merchants to now offer BVNK’s stablecoin payment rails for greater choice.
“What (Mastercard Move) could not have done seamlessly is if a consumer wants to originate in fiat and terminate in stablecoin, we would not have been able to provide this,” explains Khowala.
“By combining (BVNK’s stablecoin payment rails) these two assets, we are providing our partners, banks and fintechs, one seamless solution – and offer an entire money movement solution, irrespective of fiat or stablecoin, and you give immense choice to the consumer.”
Khowala also discusses at length the ‘grey’ area of stablecoin regulation, and where the consumer adoption breakthrough will occur for digital currencies like stablecoins.
