Mastercard Chief Product Officer: Stablecoins are far from sufficient to support their widespread adoption as a payment tool relying solely on technology.

BlockBeats news, on July 15, according to Bloomberg, Mastercard’s Chief Product Officer Jorn Lambert stated that despite the technological advantages of stablecoins, such as high speed and low cost, there are still challenges in terms of user experience and channel coverage for achieving daily payments. Currently, about 90% of stablecoin transactions are still concentrated in cryptocurrency trading. Lambert emphasized that (stablecoins) alone, relying on technology, is far from enough to support their widespread use as a payment tool. Mastercard is positioning itself as a bridge connecting TradFi and digital assets and has partnered with institutions like Paxos to support various stablecoins, including USDC and PYUSD, planning to provide the infrastructure for the scaled application of stablecoins through its global merchant network and secure compliance capabilities.