Mastercard is developing a blockchain-based Multi-Token Network designed to connect traditional financial institutions with the digital asset ecosystem, according to a report from Business Insider.

The initiative is led by Raj Dhamodharan, Mastercard’s executive vice president of blockchain and digital assets. The aim is to create a user-friendly, compliant platform for digital asset transfers—offering an experience comparable to platforms like Venmo or Zelle, but optimized for crypto.

With this move, Mastercard is reinforcing its position as a key infrastructure provider in the blockchain space. The network would integrate Mastercard’s global payment infrastructure with blockchain capabilities, helping bridge the gap between fiat and crypto systems.

Dhamodharan highlighted growing interest from financial institutions, citing blockchain’s potential to enable entirely new business models.

Mastercard Expands Blockchain Footprint Through Strategic Alliances

The Multi-Token Network has already attracted prominent partners, including JPMorgan and Standard Chartered. Early use cases include cross-border transfers, tokenized bank deposits, and blockchain-powered carbon credit trading.

Mastercard’s broader efforts in crypto are also growing. The company has launched more than 100 crypto-linked card programs globally, allowing its 3.5 billion cardholders to access digital assets through mainstream channels.

Since entering the blockchain space in 2015, Mastercard has filed over 250 patents and invested in 43 blockchain startups. Recent milestones include a 2024 partnership with JPMorgan to improve international settlements and a 2025 collaboration with Ondo Finance to bring institutional-grade financial instruments onto the blockchain.

Mastercard Ramps Up Blockchain Efforts Amid Regulatory Progress

Mastercard’s expanding focus on blockchain comes at a time when U.S. regulators are offering clearer guidelines for digital assets. This regulatory momentum is encouraging more traditional finance players to explore the crypto space.

Dhamodharan believes Mastercard is uniquely positioned to capitalize on this shift, leveraging its global infrastructure and technological leadership to foster blockchain adoption across financial markets.