Mastercard Partners With Polygon Labs for Expanding Self-Custody Wallets

Core Insights - Mastercard has partnered with Polygon Labs to enable verified username transfers across self-custody wallets, enhancing the security and usability of digital asset transactions [1][2] - The collaboration includes Mercuryo, which will handle identity verification and issue human-readable aliases linked to verified individuals, streamlining the connection to self-custody wallets [2][4] Group 1: Partnership and Framework - The Crypto Credential framework introduced by Mastercard standardizes verification for blockchain addresses, allowing users to utilize unique identifiers similar to mainstream payment apps [2][3] - This initiative is part of Mastercard's broader strategy to enhance trust in digital token transfers and improve the accessibility of digital assets [4] Group 2: Technical Advantages - Polygon's Proof-of-Stake network offers fast settlement, low transaction costs, and high throughput, making it suitable for payment-scale activities [5] - Recent upgrades to the Polygon network have improved transaction finality and expanded capacity, further supporting Mastercard's objectives [5] Group 3: Additional Collaborations - Mastercard has also formed a partnership with Ripple, Gemini, and WebBank to explore the use of Ripple's RLUSD stablecoin for settling fiat credit card transactions [6]