More than a decade ago, the payment industry had determined that bitcoin start-ups would eventually come together with traditional payment networks. By 2026, that judgement had come closer and closer to reality. Cooperation between Visa and MasterCard and encryption companies has been extended from sporadic pilot to various aspects of bank cards, stable currency settlement and cross-border payments.
Cooperation from testing to normal
This judgement dates back to 2014. At that time, BitPay became the first digital money company to join the American Payments Industry Association. The then ETO CEO Jason Oxman argued that the payment company would eventually follow the payment choices of consumers and businesses rather than be limited by a particular technical route.
At the same time, the commercialization of Bitcoin payments was still at an early stage, and regulatory discussions focused more on how new technologies should be incorporated into existing rules. Today, the relationship between the payment industry and encryption companies is significantly different. The Electronic Transactions Association has since established the Digital Assets Committee, which shows that the relevant topics are in the regular business context.
Visa extended stabilization currency payment coverage
In recent years, Visa has continuously promoted direct cooperation with encryption companies. In March, Visa and Bridge, under the flag of Stripe, announced plans to extend Visa cards linked to the stabilization currency to over 100 countries by 2026. The products allow users to use stable currency balances directly in the Visa business network.
Visa is also advancing the expansion of a stable currency clearing network. In April, the company indicated that its stabilization currency settlement pilot had been extended to nine block chains, with an annualized settlement of $7 billion. According to Visa, this expansion would give the payment partner more room to choose the bottom block chain.
- The stabilization card scheme covers more than 100 countries.
- Settlement pilot extended to 9 block chains
- Annual stable currency settlement reached $7 billion.
MasterCard's synchronizing with encryption.
Mastercard is moving along a similar path. Its Crystal Partner Programme has brought together over 100 encryption companies, financial institutions and payment service providers. In May, Alchemy Pay joined the scheme to explore closer links between French currency payments and chain commerce.
Industry priorities are also changing. According to the article, the core of the expansion of payments is no longer just bitcoin per se, but rather more suitable for settlement and payment of stable coins for the scene. Recently, Visa, MasterCard and Coinbase joined more than 140 companies to support Open Standard and promote Open USD stabilization currency projects.
This project, which seeks to create a payment infrastructure for enterprises based on a dollar-stable currency, also means that large card organizations are participating more directly in the construction of block-chain payment systems, rather than just peripheral partners.
BitPay continues to expand compliance
BitPay, an earlier encryption company that entered the payment system, is still expanding its business layout. The company has recently been authorized by the MiCA in the Netherlands to provide regulated encrypted assets and stable currency services in eligible EU markets.
From early contact in 2014 to the current parallel development of the infrastructure of card organization, stable currency issuance and chain payments, the cooperation between traditional payment networks and the encryption industry has evolved from a marginal attempt to become part of the payment market.