Mastercard has announced the launch of the Multi Token Network (MTN), a platform designed to ensure the security, scalability, and interoperability of transactions within digital asset and blockchain ecosystems. This is intended to enable more efficient payment and commerce applications.
The MTN, which Mastercard is currently testing, is built on four pillars of trust, each designed to meet a specific industry need:
- Trust in counterparty: The Mastercard Crypto Credential offers a common verification standard and infrastructure that ensures trusted interactions within blockchain networks.
- Trust in digital payment asset: MTN supports regulated payment tokens to power financial applications, building on last year's tokenized commercial bank deposits test.
- Trust in technology: Mastercard's work with the Reserve Bank of Australia on its Central Bank Digital Currency (CBDC) pilot showcases how CBDCs can enable seamless purchases on public blockchains. MTN aims to offer these capabilities across all supported payment tokens and networks.
- Trust in consumer protections: Leveraging Mastercard's experience developing standards for its card network, MTN will offer a common framework prioritizing consumer protections, stability, and regulatory compliance.
Starting in the third quarter, a beta version of the MTN will be available in the U.K. The initial phase will be powered by tokenized bank deposits, with further rollouts planned in other markets.
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