Mastercard is expanding its Crypto Credential system by partnering with Polygon Labs and Mercuryo to allow users of self-custody wallets to send and receive crypto using verified, human-readable usernames instead of traditional long blockchain addresses.
Under this program, users first complete identity verification through Mercuryo. Once verified, they receive a unique alias linked to their wallet, which can optionally be represented on-chain as a soulbound token on the blockchain. This token signals that the wallet is verified, helping counterparties confirm the legitimacy of transactions.
Mastercard emphasizes that the feature is designed to simplify crypto transfers, reduce errors associated with copying long hexadecimal addresses, and provide an additional layer of trust. Raj Dhamodharan, Executive Vice President of Blockchain & Digital Assets at Mastercard, stated:
“By streamlining wallet addresses and adding meaningful verification, Mastercard Crypto Credential is building trust in digital token transfers. Bringing Mercuryo and Polygon’s capabilities together with our infrastructure makes digital assets more accessible and reinforces Mastercard’s commitment to delivering secure, intuitive, and scalable blockchain experiences for consumers worldwide.”
Polygon was chosen for its low transaction costs, fast processing times, and scalable infrastructure suitable for mainstream payments.
While users maintain full control of their funds in self-custody wallets, the verified alias and optional soulbound token provide a familiar, user-friendly experience similar to traditional finance while maintaining blockchain security.
Polygon Deepens Its Institutional Reach Through Payments
Polygon has struck a major deal with Flutterwave, naming the blockchain its default network for stablecoin-powered cross-border payments.
The partnership will kick off with a pilot in 2025 targeting enterprise merchants, before expanding to Flutterwave’s Send App in 2026. By leveraging Polygon’s low-cost, high-speed infrastructure, the move aims to drastically cut settlement times — from days to seconds — while making remittances far cheaper across African markets.
Separately, Polygon is pushing deeper into traditional finance and government-backed tokenisation. Global fund distribution network Calastone has integrated its tokenised fund-share solution on Polygon, enabling asset managers to issue and settle on-chain share classes without altering their existing workflows.
At the same time, India’s economic advisor met with Polygon Labs and fintech firm Anq Finance to explore a framework for sovereign-backed digital assets.
The proposed model, called an Asset Reserve Certificate (ARC), would tokenise government securities and embed them on-chain — a signal that India is seriously evaluating blockchain-native financial infrastructure.
