Mastercard launches Wallet Pay to expand digital wallets globally

Mastercard launched a Crypto Partner Program with 85+ companies, including Ripple, Solana, Circle, and PayPal, focusing on cross-border and B2B transfers. The initiative aims to integrate digital assets into practical applications. Mastercard's stock fell 1.8% post-announcement. Ripple and Solana confirmed participation, with XRP and SOL prices down 3% and 2%, respectively, in 24 hours.

The Solana Foundation launched the Solana Developer Platform, targeting banks and financial institutions. Mastercard, Worldpay, and Western Union are early users. The platform offers modules for tokenized assets, payments, and trading. Partners include Alchemy, Fireblocks, and Chainalysis. Mastercard uses it for stablecoin settlement, Worldpay for merchant payments, and Western Union for cross-border payments. The platform competes with Consensys' Infura, Coinbase's Base, and Ripple's XRP Ledger

Around 300 UK hotel companies sued Mastercard over multilateral interchange fees (MIFs), alleging anti-competitive practices that led to higher charges. The lawsuit, filed Wednesday, follows prior disputes over Mastercard's fees, with damages sought unspecified. The case is part of ongoing legal battles over card payment economics, according to Law360.

Stablecoins, with a total supply of $303B, rely increasingly on traditional banks for growth. Regulation in the U.S., Europe, and Britain accelerates this trend, requiring stablecoin issuers to integrate with regulated banking systems. Major banks are forming consortia to issue stablecoins, while Circle's stock dropped 6% on this news. Projections suggest stablecoin market could reach $1.9T-$4T by 2030, but risks like liquidity strains remain.

Neobanks and fintechs are integrating stablecoin infrastructure into traditional banking systems. Mastercard and Stripe acquired companies to enhance stablecoin processing. Chime, Samsung, and Klarna are adopting stablecoin capabilities. The GENIUS Act's enforcement deadline is accelerating compliance efforts. According to PYMNTS Intelligence, 77% of consumers would open a stablecoin wallet through existing apps.

California's Senate passed SB 690, a bill to curb lawsuits under the California Invasion of Privacy Act (CIPA), backed by tech giants like Meta, Amazon, and Google. Critics argue it strips consumer rights to sue over tracking violations, benefiting Big Tech. The bill aims to address frivolous litigation but faces opposition from privacy advocates. CIPA lawsuits have targeted small businesses and tech companies, with penalties up to $5,000 per violation.