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Mastercard is embracing crypto, but not as a radical disruptor. Instead, the payments giant sees digital assets as an evolving tool that can enhance existing financial infrastructure. Key Takeaways: Mastercard views crypto as a tool to enhance its existing payment network, not to replace it. The company is expanding crypto integration through partnerships and crypto-backed cards that convert assets at checkout. Stablecoins are seen as useful for settlements. Speaking to The Big Whale, Christian Rau, Mastercard’s Head of Crypto for Europe, said that the company’s approach to crypto remains consistent with its mission to enable secure, compliant payments. “Our strategy hasn’t changed in 50 years,” Rau said. “Crypto fits into this logic. We are not seeking to reinvent the system but to enrich it.” Mastercard Expands Crypto Integration with On-Ramps and Payment-Backed Cards Mastercard is already integrating crypto into its global network through on-ramp and off-ramp services, including crypto-backed cards that convert digital assets to fiat at the point of sale. Mastercard has partnered with platforms like MetaMask, Bitget, and MoonPay to enable seamless cryptopayments in retail environments. However, Rau highlighted the added complexity when dealing with non-custodial wallets. In the case of MetaMask, Mastercard had to design a new architecture using smart contracts that verify wallet balances in real-time before enabling transactions. While the company acknowledges the growing relevance of stablecoins, now processing volumes greater than Mastercard’s network, it doesn’t view them as a threat. “We consider them as a settlement technology,” Rau explained. “They can improve cross-border payments or reduce exchange rate risks. But they do not replace the services we provide, such as protection in case of disputes.” Interview avec Christian Rau, responsable crypto Europe de @Mastercard Mastercard s’intéresse de près aux crypto-actifs, mais sans rupture de cap Dans un entretien avec @TheBigWhale_ détaille comment le groupe américain intègre progressivement cette technologie dans son… pic.twitter.com/VhZyB0kNhm— Grégory Raymond (@gregory_raymond) September 2, 2025 Rau also pointed to Mastercard’s scale and surrounding infrastructure as key advantages. “We process about 5,000 transactions per second. But the challenge is not just speed. It’s the entire ecosystem of anti-fraud, compliance, and recourse that gives value to our network.” Although Mastercard does not currently have a public blockchain initiative, Rau did not rule out the possibility. “We prioritize interoperability with existing solutions,” he said. “But if none meet our needs, we could consider it.” Payments Companies Push into Crypto In May, crypto payments platform Mesh unveiled its Apple Pay integration, which allows merchants partnered with Mesh to accept crypto payments via Apple Pay. Mesh’s partnership with Apple Pay came as payments companies continue to expand into digital assets. In April, global payments giant Stripe said it is developing a U.S. dollar-backed stablecoin aimed at companies operating outside the United States, United Kingdom, and Europe. The announcement came after Stripe’s regulatory approval to acquire Bridge, a stablecoin payments network designed to rival traditional banking systems and SWIFT-based transfers. Earlier this year, Jack Dorsey, former Twitter CEO and outspoken Bitcoin advocate, publicly urged Signal Messenger to integrate Bitcoin for peer-to-peer (P2P) payments. Dorsey’s call was echoed by David Marcus, former president of PayPal and current CEO of Lightspark, who stated that “all non-transactional apps should connect to Bitcoin.” The comments reflect a growing sentiment among Bitcoin advocates to reposition BTC not just as a store of value, but as a practical payment tool. More recently, Singapore-based payments company Triple-A announced plans to integrate PayPal’s stablecoin into its list of supported tokens for customer payments. Even companies like PayPal have entered the space, launching their own stablecoins and offering yield incentives to holders.

Key points USD1's growth from $3.5 million to nearly $3 billion in a matter of months highlights its explosive adoption on the blockchain, making it a top contender in the global stablecoin space. USD1, backed by the U.S. dollar and U.S. Treasuries, provides transparency and liquidity, but critics point out that the Trump family's involvement raises political and ethical concerns. Regulatory clarity under the GENIUS Act bolsters USD1's credibility, despite its rapid expansion and political affiliations ensuring ongoing scrutiny and debate in the global crypto market. Yesterday, the World Free Finance (WLFI) token made its debut on the open market, once again bringing its flagship product, the USD1 stablecoin, into the spotlight. WLFI's first transaction has garnered attention for its direct ties to the Trump family, but even more notable is the meteoric growth of USD1 – a stablecoin whose circulation has grown from a few million dollars at the time of launch to over $2.7 billion in less than six months. USD1's growth trajectory, political overtones, and cross-chain applications make it one of the most talked-about stablecoins in 2025. Origin and background USD1 was officially launched in March 2025 by World Liberty Financial, with the Trump family holding a majority stake in the company of about 60%. From the beginning, USD1 was designed to be more than just an asset pegged to the US dollar. USD1 is positioned as a fully collateralized stablecoin backed by the US dollar, short-term Treasury bills, and other cash equivalents, at a time when global demand for reliable, regulated, and transparent stablecoins is climbing. Unlike algorithmic stablecoins that rely on market incentives, USD1's model is straightforward: each token is exchangeable for one dollar, and its reserves reportedly hold liquid, low-risk assets. World Liberty Financial has committed to regularly engaging third-party accountants to conduct audits to ensure that every token in circulation is fully supported. Explosive growth and circulation data What makes USD1 remarkable is its speed of popularity. At launch, there was only $3.5 million in circulation – nothing in a market dominated by giants like USDT (Tether) and USDC (Circle). However, as the token began to appear on multiple blockchains, within a few weeks, demand surged. According to Reuters, Bitcoin will exceed $2.1 billion in circulation by April 2025, primarily due to a large number of transactions from institutional wallets. As of May 2025, the supply has further expanded to over $2.2 billion, ranking first among the top 10 stablecoins in the world. As of September 2025, USD 1 has a market capitalization of $2.7 billion, with approximately 265 million to 270 million tokens in circulation on Ethereum, BNB Chain, TRON, and Solana. The trading volume is equally impressive. On platforms like Coinbase and Binance, USD1's 24-hour trading volume typically ranges from $10 billion to $16 billion, which is comparable to more established competitors. In the past 30 days alone, the trading volume has surpassed $40 billion, showcasing strong liquidity and growing user trust. Cross-chain adoption and DEFI integration USD1's rapid success stems in part from its multi-chain expansion strategy. It was initially released on Ethereum and quickly expanded to BNB Chain, where it gained immense popularity. By mid-2025, USD1 in circulation on BNB Chain alone will be worth over $1 billion, thanks to active trading pairs on decentralized exchanges like PancakeSwap. In the coming months, Solana's integration provided another growth catalyst. Within 90 days of Solana's launch, USD 1 gained over $2 billion in liquidity, deeply embedded in the network's growing DeFi ecosystem. On-chain incentives, staking opportunities, and liquidity rewards further accelerate its adoption, making USD1 a significant asset in several DeFi protocols. This multi-chain layout ensures that USD1 is not confined to a single blockchain environment. Instead, it positions itself as a universal settlement layer with interoperability across ecosystems – crucial for both institutional and retail users. Comparison with mainstream stablecoins USD1 still lags behind in absolute size compared to USDC and Tether, but has closed the gap at a record pace. USDT (Tether) remains the global leader with over $120 billion in circulation, although transparency concerns remain. USDC (Circle) is valued at approximately $300 to $35 billion, thanks to strong compliance and regulatory clarity in the United States. In contrast, $1 has jumped from obscurity to nearly $3 billion in circulation, a growth rate unmatched by any other stablecoin in recent years. In terms of yields, the reserves underpinning USD1, primarily short-term U.S. Treasuries, are expected to generate returns of $80 million to $90 million per year. While stablecoin issuers typically receive such gains, critics point out that in the case of USD1, these profits directly benefit World Liberty Financial and, in turn, the Trump family. Ethics and political controversies USD1's association with politics makes it one of the most controversial assets in the crypto space. Reports from Reuters and Wired revealed that MGX, a UAE state-owned investment company, injected nearly $2 billion into Binance through USD 1, raising questions about its potential foreign influence and conflicts of interest. Critics argue that the Trump family's direct financial involvement raises ethical concerns. With WLFI holding reserves, the line between political power and economic interests seems to blur. Additionally, some U.S. lawmakers are concerned that foreign investments through USD1 could bypass traditional regulatory mechanisms. These issues are exacerbated by the potential for interest generated by U.S. Treasuries flowing back into the Trump family's holdings as USD1 has become a carrier of high-yielding assets. As USD1 expands further, the intersection between politics, finance, and cryptocurrencies is likely to remain a significant discussion point. Regulatory Environment and the Genius Act With the rise of USD 1, the regulatory framework for US stablecoins is also accelerating. In mid-2025, the U.S. Congress passed the GENIUS Act, a landmark bill aimed at clarifying the issuance of stablecoins. Key requirements include: Stablecoins must be backed by liquid, low-risk assets such as cash and Treasuries. Issuers must disclose and audit regularly. In the event of bankruptcy, stablecoin holders will have priority claims to the reserves. USD1 has publicly embraced these criteria, but questions remain about whether regulation can fully address the unique political entanglements of its proponents. Nonetheless, the GENIUS Act sets the stage for USD1, making it a compliant and reliable alternative in the global stablecoin market. Future outlook USD1's trajectory suggests that it will continue to expand rapidly, especially in emerging DeFi ecosystems and global payment channels. Currently, USD1 has a market capitalization of nearly $3 billion, and analysts expect it to exceed $5 billion by mid-2026 if liquidity incentives and institutional adoption remain strong. However, risks remain: Political censorship is likely to intensify, especially during the 2025-2026 US election cycle. The concentration of the market in a handful of large wallets raises questions about decentralization and resilience. Competitive pressure from innovative projects like USDC and PayPal's PYUSD could slow USD1's momentum. Nonetheless, robust reserve support, rapid cross-chain integration, and strategic institutional partnerships ensure that USD1 is not just a flash in the pan. It has solidified itself as a strong contender in the stablecoin space. conclusion From a small size of just $3.5 million at launch in March 2025 to nearly $3 billion in circulation today, USD1's rise has been unstoppable. Its cross-chain capabilities, deep DeFi integration, and institutional applications highlight its potential to reshape the way stablecoins are used globally. Meanwhile, USD1's close ties to the Trump family and political controversies surrounding its reserves make it a uniquely polarizing asset. For investors, traders, and regulators, USD1 represents both a breakthrough in stablecoin applications and an experiment at the intersection of politics and digital finance. Its future will not only influence the future of free finance in the world but may also help define broader regulatory and ethical boundaries in the global cryptocurrency industry.