The partnership aims to address the practical use cases and challenges associated with the adoption of stablecoins.

Mastercard said it was expanding its relationship with Fiserv to promote the financial tech company's planned stablecoin, FIUSD.

Fiserv Inc. and Circle Internet Group Inc. early Monday announced they will collaborate to build products based on stablecoins for banks and merchants in Fiserv’s client base. The announcement came at the same time Fiserv said it plans to launch its own stablecoin, FIUSD, by year’s end.