04 Sep, 2024

Mercuryo Launches Spend, a Virtual Mastercard That Lets Users Pay With Non-custodial Crypto

Quick Take① Mercuryo has launched Spend in Europe, enabling users to create a virtual debit card via their non-custodial crypto wallets — integrated with Apple Pay or Google Pay.②The euro-denominated Mastercards are designed to bridge the gap with traditional payment methods.Mercuryo Launches Spend, a Virtual Mastercardthat Lets Users Pay With Non-custodial CryptoCrypto payments infrastructure platform Mercuryo has launched Spend in Europe — enabling users to create a virtual debit card via their non-custodial wallets to pay using 40 cryptocurrencies at over 100 million merchants in the Mastercard network.The euro-denominated Mastercards, issued by Quicko, are designed to bridge the gap between self-custodial crypto wallets and traditional payment methods.Spend provides digital asset holders with a widely accepted payment card that Mercuryo claims can be opened in minutes and integrated with Apple Pay or Google Pay, with the funds automatically converted into fiat for merchants.Spend can be directly embedded within non-custodial wallet provider applications as a “plug-and-play” solution, providing the same level of protection as traditional debit cards. However, it requires additional KYC and AML verification procedures.“At Mercuryo, our vision is to bridge the gap between web3 and the world of fiat transactions,” Mercuryo co-founder and CEO Petr Kozyakov said in a statement. “This product is not just a card; it’s a step towards a future where digital tokens can be spent in a highly accessible and commonplace way, much the same as fiat.” Spend is currently available to users in the European Economic Area, incurring a €1.60 ($1.78) issuance fee and a €1 ($1.11) monthly maintenance fee with a spending limit of €40,000 ($44,393) per month. Mercuryo also plans to roll out Spend in other regions globally.

30 Aug, 2024

Global Stablecoin Market Reaches Record $168 Billion in 2024 Amid Continuous Growth

The stablecoin market has reached an all-time high, hitting a total market value of $168 billion in 2024. This milestone marks 11 consecutive months of growth, surpassing the previous peak of $167 billion set in March 2022. Excluding algorithmic stablecoins, this new record underscores the sector’s robust expansion.New Investments Fueling Stablecoin Market SurgeA steady influx of new investments is driving the stablecoin market's growth. According to crypto analyst Patrick Scott, the rising market cap signals strong investor confidence and a continuous flow of fresh capital into the cryptocurrency space. Leading the charge is Tether (USDT), with its market value climbing to over $117 billion by August 2024, up from $91.69 billion at the start of the year. Circle’s USD Coin (USDC) also experienced growth, reaching a market cap of over $34 billion, though it remains below its peak of $55.8 billion in June 2022.Stablecoin Trading Volumes Decline Amid Regulatory ConcernsDespite the market cap surge, stablecoin trading volumes saw an 8.35% decline in July 2024, dropping to $795 billion. This decrease is largely due to reduced trading activity on centralized exchanges and growing concerns over upcoming regulatory changes in Europe that could impact the stablecoin market.Challenges in the Philippine Stablecoin MarketWhile the global stablecoin market is booming, regional efforts have faced hurdles. The Philippines’ UnionBank launched a peso-pegged stablecoin in 2019, but the project failed to gain traction and is no longer in circulation. A similar attempt by UnionDigital Bank in 2022 also appears to have been unsuccessful. In March 2024, UnionBank subsidiary UBX introduced another peso-pegged stablecoin on the Polygon network, though the current status of this project is unclear. Additionally, in May 2023, Smart Citi Teknologi partnered with Hong Kong-based Xtreme Business Enterprises and Coinllectibles to launch a peso-pegged stablecoin, but the outcome of this initiative remains uncertain.Future Outlook: Stablecoins at a CrossroadsAs the stablecoin sector continues to evolve, its future will be shaped by market dynamics and regulatory developments. The global market’s expansion, contrasted with regional challenges, highlights the complex environment in which stablecoins operate. As investors and regulators closely monitor these developments, the stablecoin market is poised for further growth and transformation in the coming years.