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US Treasury officials pressed China this week to widen market access for Mastercard and Citigroup, an official said. The delegation, led by Deputy Secretary Francis Brooke, met the People's Bank of China (PBOC) and the finance ministry on the sidelines of the Group of 20 and IMF-World Bank meetings in Bangkok. Regulatory approval was part of the deal reached last month between Presidents Donald Trump and Xi Jinping, the official said. Mastercard now runs yuan card payments through a joint venture with NetsUnion Clearing Corp. Approval would let it operate independently. Citigroup is seeking a wholly owned securities licence and plans to raise its China securities staff to about 100, people familiar said. It applied in late 2021. On October 13, China allowed Visa to start preparing a wholly owned domestic card-clearing business.

Mastercard now lets banks hold stablecoins and dollars in one account. What changes for customers? Mastercard just gave banks the infrastructure to merge stablecoins and traditional currencies into a single account, but the rollout raises more questions than answers about which coins qualify, what it costs, and when ordinary customers will actually see it. Mastercard (NYSE:MA | MA Price Prediction) and BVNK launched the Global Money Platform, allowing banks, fintechs, and businesses to offer a Mastercard stablecoin account that holds both traditional currencies and stablecoins in one place. This platform also includes stablecoin-linked cards and seamless transfers to local bank accounts. Mastercard acquired BVNK, a stablecoin payment company, for a reported $1.8 billion, marking its first major product launch since finalizing the acquisition on August 3. The launch announcement doesn't specify which stablecoins will be included, and stablecoins are typically pegged to the U.S. dollar, so traders don't have a specific coin to buy. Jorn Lambert, Mastercard's chief product officer, noted that the future of payments will depend on how well different networks and forms of money connect, emphasizing Mastercard's role in facilitating these connections. But what does this mean for consumers using a Mastercard stablecoin account? Banks and fintechs, not consumers, will offer Mastercard's new accounts. The Global Money Platform serves as back-end infrastructure, so individual consumers cannot sign up for it directly. Instead, banks, fintechs, and businesses will integrate this service into their apps and offer accounts under their own brands. These accounts allow for instant conversion between fiat currencies and stablecoins. The platform aims to provide services such as sending, receiving, converting, storing, spending, and earning. Mastercard also plans to introduce support for AI-powered transactions and tokenized deposits in the future. In its launch announcement, BVNK's post noted partnerships with several companies, including Nuvei, Marqeta (NASDAQ:MQ), Ontop, Bolt Group, and Almond FinTech. Notably, these partners are all payment or fintech firms, not well-known retail banks. Bank transfers will use Mastercard Move, the company's money-transfer network, while BVNK will handle stablecoin processing and licensing requirements, including disclosures under the European Union's crypto regulations (MiCA). Mastercard earns fees from card transactions, international volumes, and network activities, as well as from value-added services like security and data products. Therefore, spending with stablecoin-linked cards will contribute to Mastercard's existing revenue streams. A shared account speeds up cross-border transfers. A stablecoin is a cryptocurrency that aims to maintain a stable value by being pegged to the U.S. dollar and backed by reserves held by its issuer. By allowing businesses to hold both stablecoins and traditional currencies in one account, they can accept payments from customers overseas at any time, convert them instantly, and send the money to a local bank without relying on a separate cryptocurrency exchange. Blockchains operate continuously, including on weekends, while traditional bank wire transfers adhere to regular banking hours. This time difference matters most for international transactions. BVNK noted that businesses may not be able to use funds received on the blockchain if they cannot quickly convert them to local currency, and Mastercard expects to broaden coverage for these bank transfers by 2027. Free Report, Just Released Why Didn't MA Make The Top 10 List? 24/7 Wall St has helped investors make money for over two decades, and our top analysts just finished ranking the definitive Top 10 Stocks To Buy Now. Not the ten biggest companies. Not the ten everyone is arguing about. The ten best stocks to buy right now. And MA didn't make the cut! The report is free, and you can see why we think each stock is a top investment today. Banks are also making similar advancements. For example, on October 15, Cross River Bank announced that it has integrated Ripple's Ripple USD (CRYPTO:RLUSD) stablecoin into its core banking systems. Fintechs can now process RLUSD payments through a single connection, showing how bank adoption of stablecoins is becoming a key selling point for payment-focused digital currencies. Mastercard has not named its stablecoins, prices or consumer launch dates. The release from Mastercard and BVNK does not specify which stablecoins the accounts will support. This suggests that Mastercard is aiming to create a neutral platform that earns fees regardless of which stablecoin customers choose. Additionally, Mastercard has not provided any consumer launch dates or pricing details, and while it mentioned earning as a feature, it remains unclear who would fund these rewards. Competition in this space is heating up. Cross River already offers stablecoin accounts that display transactions in U.S. dollars, along with stablecoin-linked cards compatible with both Visa (NYSE:V) and Mastercard networks. This means fintechs looking for dual currency accounts already have alternatives, though Mastercard still benefits from card fees whenever a competitor's cards run on its network. While those involved in the product's development, such as BVNK co-founder Chris Harmse, have made optimistic statements, describing the platform as a vital infrastructure layer, it is important to remain cautious. What changes can customers expect from a Mastercard stablecoin account? In summary, Mastercard's stablecoin account represents a significant innovation in how digital currencies can be used alongside traditional money. However, customers should stay informed about the available stablecoins, potential fees, and how these accounts will work in practice. Got $1,000? Before you buy MA, read this. If you have cash sitting in your account right now, give this two minutes. After more than two decades of helping investors beat the market, our top analysts at 24/7 Wall St. put together a definitive report on the Top 10 Stocks To Buy Today. And MA wasn't one of them. They combed the entire market. It's not 10 ideas, not 10 stocks everyone is talking about, it's what their research points to as the 10 best stocks to buy right now, and it's free. Read more here and see which stocks made the list ->> Sam Daodu is a crypto analyst who's spent nearly a decade making blockchain understandable - no easy task when most whitepapers read like fever dreams. He writes for 24/7 Wall St., covering Bitcoin, altcoins, and crypto market analysis for investors. Before crypto, he was a tech writer (back when explaining "the cloud" was peak innovation). Since 2018, he's written for CoinTelegraph, Yahoo Finance, The Block, Cryptonews, Zypto, Rain, and more - basically anywhere people want crypto news without the headache. Sam runs MacLabs Marketing, a content agency for crypto brands tired of sounding like AI wrote their website. He also publishes free crypto education on his site for Web3 enthusiasts who think "gas fees" is a typo. When he's not writing or staring at charts, Sam's either: - Watching anime (currently convinced One Piece has better tokenomics than most altcoins) - At the gym sculpting himself into a Greek god - Listening to the music your mum warned you only bad boys listen to Connect: LinkedIn | Email | MacLabs Marketing

Cyberattacks target Morocco's europe-africa data link. ByStaff Writer October 16, 2026 A Mastercard white paper puts the rise in African cyber incidents at 421% between 2016 and 2025. Small firms spend $23 per employee on cybersecurity, against $189 at large companies. Morocco's role as a digital link between African and European networks is drawing more cross-border cyber threats, Mastercard said while presenting a white paper on 12 October. Shabir Ahmed, senior vice-president and customer solutions centre lead for Africa at Mastercard, discussed the risk at the launch of Africa's Digital Defense Race. "The way we see Morocco is that it is a market sitting in the north of Africa that is digitally connected to a lot of the European markets," he said. "The country has seen a lot of threats on public institutions and high-profile breaches." ITWeb Africa reported that Morocco's main exposure is not domestic retail banking or mobile money fraud. Organised groups target data moving between North Africa and Europe. About 75% of regional attacks are run by professional crime syndicates and advanced hackers, the paper says. Figures from the white paper, as reported by ITWeb Africa: * Cyber incidents across Africa rose 421% between 2016 and 2025. Over the same period, e-commerce grew more than fivefold and mobile money use nearly sixfold. * Public institutions, technology providers and financial services account for 44% of incidents in Africa's largest economies. * Small and medium-sized enterprises (SMEs) are 95% of registered firms in Africa and generate half of its GDP. They spend an average of $23 per employee on cybersecurity, against $189 at large corporations. * Africa has 200,000 unfilled cybersecurity jobs. Citing ResearchGate, the paper puts SMEs at 93% of active companies in Morocco. Citing Mordor Intelligence, it says larger firms held 71.8% of Morocco's cybersecurity market revenue in 2025. Mastercard opened its Africa Cybersecurity Center of Excellence in Johannesburg in June 2026, starting in South Africa and Nigeria. Its press release lists an Africa-focused threat intelligence feed from Recorded Future, a Mastercard company, and a first-year risk analysis for up to 50 organisations. "As threats become more sophisticated and coordinated, our response has to be just as coordinated," Ahmed said. He called for practical training over standard academic qualifications.