Mastercard has built its own permissioned blockchain called the Multi-Token Network (MTN). The goal is not to replace the traditional banking system, but to become the central infrastructure that connects it with blockchain technology, stablecoins, and tokenized assets.

They want to make cross-border payments faster and cheaper, enable 24/7 settlement, and support tokenized deposits. Through major partnerships with banks (JP Morgan, Standard Chartered, etc.) and strategic acquisitions like BVNK (for up to $1.8 billion), Mastercard is positioning itself as the bridge between the old financial world and the new one.

Visa is following almost the exact same playbook with its Visa Tokenized Asset Platform (VTAP).

Both companies are not fighting the banks — they are working hard to make sure they remain the indispensable middleman in the transition to digital assets.

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