Payment systems Visa and Mastercard decided to suspend projects based on blockchain technologies due to the fall of the cryptocurrency market and the outflow of capital from the industry.
According to Reuters, Visa previously planned to launch payments in stablecoins. A similar service was developed by another giant Mastercard.
In addition to declining investor interest in the blockchain industry, financial companies are also freezing projects due to legal uncertainty.
They are waiting for legislation to come into force in the United States and the European Union, aimed at ensuring the transparency of the digital asset market and protecting investors.
This decision was made by Visa and Mastercard after the collapse of the Terra ecosystem and the bankruptcy of many crypto companies, including the FTX exchange.
Previously, the Binance exchange was the main partner of Visa and Mastercard. It issued crypto debit cards with Tether cashback.
