Mastercard working on blockchain to connect TradFi and crypto: report
Mastercard is developing a blockchain-based Multi-Token Network (MTN) to connect traditional financial institutions to the digital asset space. The initiative is led by Raj Dhamodharan, Executive Vice President of Blockchain and Digital Assets at Mastercard, with the goal of providing a compliant and user-friendly experience for moving digital assets, similar to apps like Venmo or Zelle.
Mastercard is positioning itself as a key infrastructure provider in the growing blockchain ecosystem. By integrating its extensive payment network with blockchain technology, the company hopes to enable seamless transactions between the fiat and cryptocurrency markets. Dhamodharan highlighted that financial institutions are increasingly interested in blockchain due to its potential to create new business models.
Mastercard Partnerships
The network has secured partnerships with JPMorgan and Standard Chartered, focusing on cross-border payments, tokenized deposits, and carbon credit trading. In February 2025, Mastercard partnered with Ondo Finance to bring institutional financial assets onto the chain, making assets such as money market funds and U.S. Treasuries available in digital form.
Since 2015, Mastercard has filed more than 250 blockchain-related patents and supported 43 startups in the space. The company has also launched more than 100 crypto-focused card programs worldwide, allowing its 3.5 billion cardholders to interact with digital assets.
Mastercard’s blockchain expansion comes as U.S. regulators provide more clarity on digital assets, encouraging traditional financial firms to get involved in crypto. Dhamodharan believes the company is well positioned to capitalize on this momentum, leveraging its scale to drive broader blockchain adoption.
