Mastercard is in the process of creating a Multi-Token Network powered by blockchain technology to bridge the gap between conventional financial institutions and the realm of digital assets.
Under the guidance of Raj Dhamodharan, the company’s executive vice president for blockchain and digital assets, the project aims to deliver a compliant and user-friendly platform for transferring digital assets, akin to Venmo or Zelle.
By establishing itself as a pivotal infrastructure provider within the expanding blockchain ecosystem, Mastercard plans to merge its extensive payment network with blockchain capabilities, facilitating smooth transactions between fiat currencies and cryptocurrencies.
Dhamodharan emphasized that financial institutions are becoming increasingly interested in blockchain, recognizing its potential to foster innovative business models.
Mastercard Collaborations
The network has already established partnerships with prominent entities like JPMorgan and Standard Chartered, concentrating on cross-border payments, tokenized deposits, and carbon credit transactions.
Mastercard has also launched over 100 cryptocurrency-focused card programs globally, enabling its 3.5 billion cardholders to engage with digital assets.
Since 2015, the company has filed more than 250 patents related to blockchain and has supported 43 startups in the field. Recent ventures include a collaboration in November 2024 with JPMorgan aimed at enhancing cross-border settlements and a partnership in February 2025 with Ondo Finance to transition institutional financial assets onto the blockchain.
This blockchain expansion aligns with increased clarity from U.S. regulators regarding digital assets, prompting traditional financial firms to explore opportunities in the crypto landscape. Dhamodharan is confident that Mastercard is positioned to take advantage of this wave, using its vast resources to promote wider blockchain adoption.