Mastercard launches Multi-Token Network (MTN) platform, which mainly aims to test tokenized assets to enable fast and flexible cross-border transfers.
Payments giant Mastercard announced the test launch of its innovative Multi-Token Network (MTN) platform, which aims to explore the capabilities of tokenized assets. All interested financial institutions will be able to take part in tests on the platform.
The beta version of MTN will be available this summer in the UK. The platform will use Mastercard’s Crypto Credentials service, which was introduced in April 2023 and allows wallets to be identified when AML requirements are met.
As a reminder, last year Mastercard, with the help of Paxos, launched a special Crypto Source tool, which is designed to provide traditional financial institutions with secure access to the cryptocurrency market.
According to Raj Damodharan, Head of Crypto and blockchain at Mastercard, the first stage will be a series of experiments using tokenized bank deposits at MTN. Later, the company plans to test it with stablecoins and central bank digital currencies (CBDC).
As a reminder, Mastercard is actively developing its digital assets department and expanding its potential in the crypto space. Thus, the company has partnered with startups Stables and Immersve to enable the use of USDC stablecoin through its ecosystem in the Asia-Pacific region and launched a prepaid crypto card with Binance for residents in Brazil.
