[Money 20/20 Europe 2025] Mastercard’s Raj Dhamodharan on stablecoins & the multi token future

At Money20/20 Europe 2025, Raj Dhamodharan, EVP of Blockchain and Digital Asset Products at Mastercard, explains how tokenized assets, stablecoins, and Mastercard’s Multi‑Token Network are shaping the next evolution of global payments.

In this video interview, he breaks down why Web3 is no longer experimental and how the industry is moving from pilots to real-world solutions.

‘We bring the scale and reach that we have to the space for the money to flow between the two worlds in a simple way’, Raj says, describing Mastercard’s approach to bridging traditional finance and Web3 infrastructure. He explains how Mastercard has evolved its work in the space, moving from conceptual frameworks to tangible services like wallet-linked cards, on-chain settlements, and crypto-powered remittances.

The conversation explores Mastercard’s recently launched products with Crypto.com, Kraken, and MetaMask, which let users spend stablecoins at over 140 million merchant locations globally. These solutions bring crypto into everyday payments. In parallel, the company’s Crypto Credential initiative enables simple, mobile-based remittances, enhancing security and user-friendliness across borders.

Raj also emphasises the importance of an interoperable payments layer. ‘Bringing all of this onto a single shared ledger will unlock net new capabilities’, he explains—such as multi-asset support, essential for future-proofing financial infrastructure. Mastercard’s Multi-Token Network helps financial institutions and PSPs connect bank money to digital assets in a secure, compliant way.

When asked about who’s adopting stablecoins first, Raj points to crypto-native consumers, fintechs, and institutions in emerging markets that depend on fast, 24/7 money movement. Yet he also underlines the diversity of use cases: ‘People are not going to all adopt one form of currency. We need to offer people choice’.

For businesses unsure how to approach this space in 2025, Raj’s advice is clear: Don’t chase hype. ‘You’ve got to look at your customers and see, is there a specific pain point you want to solve? And whether the products and services can benefit. That kind of framework always helps.’

Watch the full interview to understand how Mastercard is helping build a safer, smarter Web3 payments ecosystem, and why the future of digital money is already unfolding.

About author

Raj Dhamodharan is Head of Crypto & Blockchain at Mastercard. Raj is responsible for managing Mastercard’s global strategy, product development & partnerships in the blockchain and crypto space. Previously, Raj held various leadership roles in Mastercard, including overseeing global digital partnerships, managing Click to Pay standards, and leading Mastercard’s digital payment products and Labs group. Raj holds an MBA degree from the Columbia Business School, Columbia University, NY, and the Haas School of Business, University of California, Berkeley.

 

About Mastercard

Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we’re building a sustainable economy where everyone can prosper. We support a wide range of digital payment choices, making transactions secure, simple, smart, and accessible. Our technology and innovation, partnerships, and networks combine to deliver a unique set of products and services that help people, businesses, and governments realize their greatest potential.