Mastercard Explores Tokenized Bank Deposits with Multi-Token Network Pilot

Mastercard, known for its involvement in the cryptocurrency industry, is launching a pilot project called the Multi-Token Network (MTN) to explore tokenized bank deposits. The initiative, led by Raj Dhamodharan, Mastercard’s head of crypto and blockchain, has invited multiple banks and financial institutions to participate. The MTN aims to expand its offerings in the future to include central bank digital currencies and regulated stablecoins. Similar to the Apple App Store, MTN will provide developers with access to various tools developed by Mastercard, fostering the creation of innovative applications. Dhamodharan emphasized the usefulness of the underlying technology behind crypto innovations and expressed the company’s belief in its potential.