Mastercard is introducing the Crypto Credential system, which allows sending crypto assets using verified usernames instead of long addresses. Polygon will ensure transaction processing speed, and Mercuryo will handle identification and pseudonym assignment. This solution minimizes the risk of typos and automatically prevents incompatible cross-chain transfers. Mastercard has initiated the next stage of development for Crypto Credential—a mechanism that allows sending digital funds to verified names rather than multi-digit wallet addresses. The Polygon network has been chosen as the foundation, guaranteeing high throughput with minimal fees. According to Mastercard’s official statement, this development standardizes the method of verifying addresses on the blockchain and adds an extra layer of security for non-custodial wallets. Holders will now be able to link a single pseudonym associated with their addresses across various decentralized ledgers. How it Works Identity verification (KYC) and the issuance of verified pseudonyms will be carried out by Mercuryo. These pseudonyms will be linked to multiple wallets and will replace cumbersome alphanumeric address strings. The system will also utilize a specialized token on the Polygon network, which serves as confirmation that the wallet is ready to work with Crypto Credential. This will allow software to automatically route transfers to the correct network and prevent attempts to send assets to an incompatible blockchain. Benefits for Users Long crypto addresses are a frequent source of errors, especially for newcomers, as any inaccuracy in symbols leads to the irreversible loss of funds. The new system makes the process similar to familiar money transfers made by the recipient’s name. Mastercard emphasizes that using Crypto Credential saves time and reduces the likelihood of errors from manually copying and pasting addresses. Every transaction between verified system participants undergoes a double check: the system confirms the recipient’s authenticity and network compatibility, signaling an issue in case of any mismatch. Onboarding Procedure According to the release, users will need to: undergo identification via Mercuryo (complete KYC); generate a unique Crypto Credential name; link their blockchain addresses; use this name to make transfers between verified participants; optionally, issue a soulbound token that confirms wallet compatibility. Soulbound tokens are non-transferable and serve as a digital identifier for the wallet, confirming its ability to receive verified transfers. Polygon is designated as the primary network for transaction processing. Mastercard states that this blockchain can handle a volume of operations comparable to traditional payment systems, justifying its suitability for mass adoption. Mastercard is also considering acquiring the Zerohash platform for \$1.5–\$2 billion to strengthen its position in the stablecoin market. Integrating Zerohash would give the company direct control over the exchange of fiat currency for digital assets. Keyrock and Bitso estimate that the potential market for stablecoin payments could reach \$1 trillion by 2030.
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