Mastercard to enable stablecoin settlement on Solana

On Tuesday, the Solana Foundation announced that Mastercard, Western Union and Worldpay joined its AI-powered Solana Developer Platform as early users. Mastercard plans to enable direct stablecoin settlement on Solana.

The Solana Developer Platform is a unified interface for institutions building on the network. It includes tools to launch tokenized deposits and other real-world assets, run payments, and offer onchain trading. Three core API modules are available: an Issuance module for creating onchain assets such as GENIUS-compliant stablecoins; a Payments module to manage fiat and stablecoin flows, including on- and off-ramps and B2B transactions; and a Trading module that supports atomic swaps, vaults and foreign exchange.

In a statement, Raj Dhamodharan, executive vice president for Blockchain & Digital Assets at Mastercard, described the effort: “The next phase of digital asset innovation will be defined by practical use cases that integrate seamlessly with existing financial systems. As an early user of Solana Developer Platform, we’re helping enable direct stablecoin settlement for customers on select blockchain networks — beginning with Solana — combining the speed and programmability of blockchain with the reliability, security and global reach of the Mastercard network.”

According to Malcolm Clarke, vice president of Digital Assets at Western Union: “Solana Developer Platform lets us extend what Western Union already does best — moving money reliably across borders — by adding an API-driven, on-chain layer that can orchestrate fiat and stablecoin flows end-to-end. It’s not a replacement for our network; it’s a modern extension that helps us innovate faster, expand new use cases, and bring more cross-border activity on-chain in a scalable, compliant way.”

Worldpay is participating as an early user alongside Mastercard and Western Union.

The platform integrates with AI coding tools, with Claude Code by Anthropic and OpenAI’s Codex able to work with SDP without extra setup. More than 20 infrastructure partners support the rollout to assist with node and wallet configuration, compliance and onramping. Eleven initial wallet service providers include custodians such as Anchorage Digital, BitGo and Coinbase, along with the non-custodial provider Fireblocks.

Compliance and analytics providers Chainalysis, Elliptic, Range and TRM Labs will supply tools for know-your-customer and know-your-business checks and Travel Rule requirements. Fiat-to-crypto services Bridge, BVNK, Lightspark, Modern Treasury and MoonPay will power the payments module. Mastercard recently announced an agreement to acquire BVNK for up to $1.8 billion, and Stripe acquired Bridge in 2024.

Institutional teams are testing tokenization and stablecoins for payments and settlement, often grouped under real-world assets. New products such as onchain equities and stock perpetual futures have started to appear, including on Solana.