Mastercard Ramps Up Stablecoin Push with Two New VP Hires — Stock Poised for New Highs

TradingKey – Mastercard (MA)  is doubling down on its crypto ambitions, launching a hiring spree to accelerate its Stablecoin strategy. 

According to a July 1 report from CoinDesk, the payments giant is recruiting two U.S.-based vice presidents to expand its digital asset division, with a focus on blockchain partnerships and financial institution engagement.

Raj Dhamodharan, Mastercard’s head of crypto and blockchain, said the move builds on the company’s years-long commitment to digital assets, including its role in Paxos’ Global Dollar Network (USDG) and support for Circle’s USDC.

Recently, Mastercard has made many achievements in stablecoins. According to a report by Decrypt on May 15, Mastercard has reached a cooperation with the crypto payment company MoonPay to launch a stablecoin payment card business. In addition, Mastercard also works closely with stablecoin giants Circle and Paxos to support stablecoin payments.

The company has described its approach as a “360-degree solution”, aiming to make stablecoins as seamless and secure as traditional bank payments. “If stablecoins are well-formed and well-regulated, we’ll enable them across a variety of use cases,” Dhamodharan told Fortune.

Mastercard’s stock hit an all-time high of $594 in mid-June, before pulling back over 11% to around $527. With stablecoin adoption gaining momentum, analysts believe the stock could retest its highs in Q3.

Mastercard stock price chart, source: TradingView.