U.S.-based financial giant Mastercard and digital currency platform Circle are collaborating to facilitate USD Coin (USDC) and Euro Coin (EURC) transactions throughout the EEMEA region.

Mastercard is reinforcing its leadership in payment innovation by enabling stablecoin transactions in the Eastern Europe, Middle East, and Africa (EEMEA) region. This move marks a significant step forward in the global growth of stablecoins.

Arab Financial Services and Eazy Financial Services will be the first to benefit from this new capability, paving the way for other financial institutions and payment service providers across the EEMEA region to follow suit. These institutions can then use stablecoins like USDC and EURC, fully-reserved stablecoins issued by regulated affiliates of Circle, for transaction processing.

Mastercard's infrastructure, including Crypto Credential and Crypto Secure, ensures that these transactions meet the highest security and compliance standards. This is the first time the acquiring ecosystem in EEMEA will have the opportunity to settle transactions using stablecoins, opening up a new avenue for efficient and reliable digital trade across emerging markets.

Samer Soliman, CEO of Arab Financial Services, discussed the impact of this innovation, stating that it provides future-ready infrastructure that keeps clients competitive in a rapidly changing market. Kash Razzaghi, Chief Business Officer at Circle, highlighted the significance of this partnership, noting that it provides merchants with the option to receive payments in stablecoins, regardless of the payment method used by consumers.

Mastercard's approach to stablecoins in the EEMEA region focuses on scalability, regulatory alignment, and practical utility. Along with USDC, Mastercard supports a growing portfolio of regulated stablecoins from global issuers, including Paxos' USDG, Fiserv's FIUSD, and PayPal's PYUSD.

This move builds upon existing collaborations between Circle and Mastercard in the region, such as crypto card solutions like Bybit and S1LKPAY, which utilize USDC for settling transactions. Mastercard's ongoing collaboration with Circle encourages potential for future collaborations and partnerships in the stablecoin sector.

Besides fostering stablecoin use cases, Mastercard is also advancing broader efforts to connect with thousands of African founders, investors, venture capitalists, tech leaders, and industry decision-makers. Mastercard offers a platform for African founders and tech leaders to share their stories and connect with relevant stakeholders in the industry.

Dimitrios Dosis, President of Eastern Europe, the Middle East, and Africa at Mastercard, emphasized the strategic importance of this move. Mastercard's initiatives aim to connect with thousands of African founders, investors, venture capitalists, tech leaders, and industry decision-makers, further solidifying its position as a leader in payment innovation.

U.S.-based financial giant Mastercard and digital currency platform Circle are collaborating to facilitate USD Coin (USDC) and Euro Coin (EURC) transactions throughout the EEMEA region.