This expanded effort marks the first time that the acquiring ecosystem in EEMEA will be able to settle transactions in stablecoins, further cementing Mastercard’s role in connecting blockchain-native crypto assets with traditional fiat commerce infrastructure. Arab Financial Services and Eazy Financial Services will be the first to benefit from this expanded effort.

This move will empower acquiring institutions to get their settlement in USDC or EURC – fully-reserved stablecoins issued by regulated affiliates of Circle , which they can then use to settle with merchants and help pave the way for a new era of efficient and trusted digital trade across emerging markets.

This builds upon existing efforts between Circle and Mastercard in the region on crypto card solutions, such as Bybit and S1LKPAY, which use USDC to settle transactions.

“This is a key move for Mastercard. Our strategic goal is to integrate stablecoins into the financial mainstream by investing in the infrastructure, governance, and partnerships to support this exciting payment evolution from fiat to tokenized and programmable money. Through our expanded partnership with Circle, we are taking bold steps in integrating their innovative use across our global network. We know that trust is essential to scale, and we are proud to play a leading role by applying our decades of experience in security and compliance to the stablecoin space,” said Dimitrios Dosis, president, Eastern Europe, Middle East, and Africa, Mastercard.

“Expanding USDC settlement across Mastercard’s vast network of acquirers in Eastern Europe, the Middle East, and Africa is a pivotal step toward truly borderless, real-time commerce. Our expanded partnership with Mastercard will enable wider reach, global access, and scaled impact, so that USDC can become as ubiquitous as traditional payments. Together with Mastercard, we are advancing the role of stablecoins as a foundational tool for everyday financial activity worldwide,” said Kash Razzaghi, chief business officer at Circle.     

“As the first acquirer in the region to pioneer USDC stablecoin settlement, we are delivering a strategic and transformative solution. This innovation provides the future-ready infrastructure our clients need to stay competitive in an era of continuous market transformation. The new capability directly solves a key market need for greater liquidity and operational efficiency, significantly reducing the friction traditionally associated with high-volume settlements. Our partnerships with Mastercard and Circle are foundational to the offering, ensuring our clients can confidently embrace digital asset innovation within a framework of security and regulatory compliance,” said Samer Soliman, CEO, AFS.

“This collaboration with Mastercard and Circle to enable USDC settlement aligns with our mission to deliver faster, more secure, and more efficient payment solutions to our clients. This milestone sets a new standard for digital settlement in the region and reflects our commitment to driving financial innovation that meets the evolving needs of merchants and consumers alike.,” said Nayef Al Alawi, Founder, MD & CEO, Eazy Financial services. 

Mastercard continues to support the growth of stablecoins globally and today enables end-to-end stablecoin payments.

This includes ongoing, global work with Circle to give merchants the option to receive their payments in stablecoins – regardless of how a consumer chooses to pay. Along with USDC, Mastercard supports a growing portfolio of regulated stablecoins from issuers around the world, including Paxos’ USDG, Fiserv’s FIUSD and PayPal’s PYUSD.

In addition, Mastercard is driving broader efforts to drive regulated, real-world stablecoin use cases across remittances, B2B transactions, and payouts to gig workers and creators via platforms like Mastercard Move and the Multi-Token Network (MTN).

Underpinning this is Mastercard’s robust infrastructure – including Crypto Credential and Crypto Secure – which ensures stablecoin transactions meet the highest standards for security and compliance.

As stablecoins gain traction and scale across the EEMEA region, Mastercard’s approach prioritizes scalability, regulatory alignment, and tangible utility, reinforcing its position at the forefront of payments innovation.

The round was led by Activant Capital, with participation from Fuel Ventures, Triton Capital, Fabric Ventures, Commerce Ventures, Digital Space Ventures and Preface Ventures. Strategic shareholders include current and former executives from Stripe, Worldpay, Visa, Circle, PayPal, and Google.

Founded by payments industry veterans Tom Greenwood (Volt, IFX) and Eric Queathem (Worldpay, McKinsey & Company), Velocity delivers the financial upgrade global businesses have been waiting for. 

Traditional financial systems were not designed for a multi-asset economy, limiting the seamless integration of digital assets into existing infrastructure. Velocity bridges this gap by providing a platform where businesses can manage fiat and stablecoin transactions in one place, eliminating the need for parallel systems or complex integrations.

Velocity’s Stablecoin Payment Account provides enterprises with a frictionless way to move and manage capital across banks, blockchains, and borders.

Designed for seamless integration, the platform combines the speed and programmability of stablecoins, with the rigour and reliability of traditional finance —- solving real-world challenges in cross-border settlement, liquidity management, and treasury operations.

“This isn’t about replacing the old with the new; it’s about intelligently integrating both,” said Tom Greenwood, co-founder and CEO. “We’re not chasing crypto hype — we’re leveraging stablecoins to remove friction, accelerate settlement, and drive improved performance in real-world financial operations.”

Greenwood previously founded Volt, a leading fintech specialising in real-time payments, and IFX, a prominent foreign exchange and cross-border payments company. Queathem spent nearly a decade at Worldpay, where he led global strategy and growth across both traditional and crypto markets. Together, they bring deep expertise in scaling regulated financial systems globally.

“We’ve experienced first-hand the financial complexity of operating a global business — the fragmentation of providers, the lack of transparency, and the workarounds,” said Eric Queathem, co-founder and president. 

“Velocity is built to eliminate that friction with infrastructure that scales, adapts, and solves the real-world problems large enterprises face every day when moving and managing money around the world.”

Velocity’s funding comes as global momentum builds around regulated stablecoins and digital money. Across major financial markets, including the US, UK, EU, and Singapore, emerging regulatory frameworks are accelerating enterprise adoption and driving demand for infrastructure that connects today’s financial system with tomorrow’s digital economy. 

“Tom and Eric bring the rare technical depth and regulatory fluency needed to build and scale a product like this. We’ve shared this vision for years, and now is the time to bring it to life,” said Andrew Steele, Partner at Activant Capital. 

“Velocity isn’t just solving cross-border payments, it’s rethinking how enterprises manage FX, liquidity, and treasury through stablecoin infrastructure,”

“Velocity is building foundational infrastructure for the future of global finance,” said Shiv Patel, partner at Fuel Ventures. “We backed Tom at Volt, and we’re proud to back him again. Tom and Eric bring unique experience in navigating regulation, scaling enterprise platforms, and solving the real-world operational challenges that define success.”

“We’re proud to support Velocity as a technology partner,” said Ran Goldi, SVP Payments and Network at Fireblocks. “Fireblocks’ recent report on stablecoin trends showed that 90% of market participants are moving forward with stablecoin adoption at pace.

“As demand for digital payment infrastructure accelerates, the market needs trusted, enterprise-ready solutions. Velocity is bringing a thoughtful approach to shaping this next chapter of digital payments.”

This collaboration marks a significant step towards compliantly leveraging stablecoins and blockchain infrastructure to boost Onafriq’s payment network, positioning it at the forefront of the digital payment’s revolution for real-world financial applications.

Currently, over 80 percent of intra-African payments are routed through correspondent banks outside the continent and settled in foreign currencies such as the US dollar or Euro.

This results in a staggering US$5 billion in transaction fees annually and undermines economic integration efforts.

Onafriq and Circle are working together to change this paradigm by piloting the use of USDC-powered settlement solutions into Onafriq’s network, which connects over 500 wallets and 200 million bank accounts in more than 40 African markets.

Dare Okoudjou, Onafriq’s founder and CEO, said:

“Our partnership with Circle is an important milestone, reinforcing Onafriq’s commitment to harnessing technology to remove complexity from cross-border payments. By integrating USDC, we aim to simplify financial transactions for institutions and individuals, reduce costs, and strengthen trust. This collaboration underscores our vision to democratise access to payments and drive financial inclusion across the globe. We’re not just envisioning the future of payments – we’re actively building it.”

Miriam Kiwan, vice president, Middle East & Africa at Circle, said:

“The emerging markets that Onafriq serves hold tremendous potential for digital asset innovation, particularly in the adoption of stablecoins for cross-border payments. Our partnership with Onafriq aligns perfectly with Circle’s mission to promote financial inclusion and improve efficiency in areas where traditional banking has often been costly and inaccessible. Together, we aim to transform how money moves across borders, offering secure and transparent digital payment rails that enhance economic empowerment and connectivity.”

This collaboration is a major step toward a more inclusive and self-reliant pan-African financial system.

It signals a new phase in the modernisation of African payment rails – one where blockchain technology is applied responsibly, in lockstep with regulators and financial institutions, to build a faster, more efficient, and economically empowering future for the continent.