Mastercard, Chainlink Partner to Enable Direct Fiat-to-Crypto Onchain Payments

Mastercard ($MA) is moving deeper into onchain finance through a new partnership with Chainlink, laying groundwork for a gateway that would let cardholders convert fiat directly into crypto without routing through a centralized exchange—an integration that could tighten the link between everyday payments and decentralized liquidity.

According to a report cited by PANews from FinanceFeeds, the collaboration enables Mastercard users globally to access digital assets in a smart contract-based, onchain environment. The structure stitches together card authorization, compliance checks, cross-chain messaging, and automated market maker (AMM) execution into a single transaction flow—an approach that industry watchers see as a potential template for compliant ‘onchain payments’ rails at scale.

Under the design described in the report, Shift4 Payments is responsible for initial card transaction processing, while Zero Hash handles ‘compliance tracking’ and custody routing as well as near-instant fiat-to-crypto settlement. Final settlement and transaction records are written to a public ledger through Chainlink infrastructure, with liquidity sourced via Swapper Finance and XSwap to connect into decentralized exchanges such as Uniswap.

The payment-to-DEX pathway comes as market participants debate how quickly regulated onramps can converge with decentralized liquidity. While DEX volumes have grown over the past cycle, direct consumer access has often been constrained by fragmented user experience, compliance requirements, and the lack of mainstream payment integrations. By bundling those components, Mastercard and Chainlink are effectively testing whether traditional card rails can become a front end to onchain execution without eroding regulatory controls.

Elsewhere, flows across U.S.-listed crypto exchange-traded products pointed to shifting ‘institutional demand’ during a volatile stretch. Lookonchain reported net outflows of 9,012 Bitcoin (BTC) from U.S. spot Bitcoin ETF products and 40,247 Ether (ETH) from spot Ethereum ETF products over the same period, while Solana (SOL) ETF products saw net inflows of 2,401 SOL. ETF flows are widely watched as a high-frequency signal of institutional positioning and risk appetite.

In Washington, U.S. Treasury Secretary Scott Bessent urged Congress to advance the ‘Clarity’ bill, legislation aimed at defining regulatory lines for digital asset markets in the United States. Speaking to lawmakers, Bessent said bringing digital assets to the U.S. and making the country a central hub is a priority, and encouraged both the House and Senate to move the bill forward, according to Bitcoin Magazine.

At the state level, the Texas Treasury issued a request for bids to transfer roughly $10 million in a strategic Bitcoin reserve currently held via BlackRock’s spot Bitcoin ETF, iShares Bitcoin Trust ($IBIT), to a third-party custodian, PANews reported. The transfer is expected to be completed within 60 days of contract signing. The winning bidder would be tasked with acquiring, storing, and administering Bitcoin and other eligible crypto assets on Texas’ behalf, while providing liquidity services, security management, and tailored reporting. Texas also plans to launch a public website with real-time disclosures on reserve size and market value, following the creation of an advisory committee focused on custody agreements, risk management, and transparency.

Meanwhile, Onchain Lens data cited by Odaily showed BlackRock transferring 2,448 BTC and 28,683 ETH to Coinbase ($COIN), a combined amount valued at roughly $238 million at the time of reporting. While exchange deposits are often interpreted as positioning for sales, rebalancing, or operational needs, the purpose of the transfer was not confirmed, and Onchain Lens suggested additional deposits could follow.

Operational risk also returned to the spotlight after the Sui network experienced a disruption. Wu Blockchain reported that the Sui mainnet paused block production for nearly an hour due to network congestion. Sui said its core team was working on a fix and warned that transactions could be temporarily impacted—an incident that underscores how throughput events can quickly translate into user-facing settlement delays for onchain applications.

On the corporate accumulation front, PANews cited Cointelegraph in reporting that Strategy has purchased Bitcoin this year equal to about 2.6 times the amount of new BTC mined over the same period. With post-halving issuance lower, sustained large-scale buying by major holders can tighten market supply conditions and amplify sensitivity to demand shocks.

Nasdaq-listed Bit Digital ($BTBT) also added to crypto treasury activity, purchasing an additional $20 million in Ethereum. Wu Blockchain reported the company bought about 8,568 ETH on May 11, 2026 at an average price of $2,334.25. Following the purchase, Bit Digital’s total ETH holdings were reported at approximately 158,461.75 ETH, signaling continued balance-sheet exposure to Ethereum even amid weaker market conditions.

Derivatives markets reflected the volatility. CoinAnk data showed total crypto futures liquidations of about $805 million over the past 24 hours, with long liquidations accounting for roughly $740 million versus about $65.09 million for shorts. Bitcoin liquidations totaled about $313 million and Ethereum about $188 million. Liquidations occur when leveraged traders are forced out of positions due to margin shortfalls, typically accelerating price moves during sharp swings.

In a separate push that could reshape how regulated venues engage with crypto-native instruments, Intercontinental Exchange ($ICE)—the parent company of the New York Stock Exchange—reportedly urged regulators to allow regulated exchanges to offer 24/7 onchain perpetual futures trading. ICE CEO Jeffrey Sprecher argued that while regulators have limited traditional exchanges from entering the space, similar activity is already happening onchain, and that both traditional finance and crypto markets should compete under the same rules. Odaily reported that ICE has been in discussions with some decentralized derivatives platforms about onchain perpetual structures, as legacy market infrastructure explores deeper integration with crypto rails.

Taken together, the developments highlight a market simultaneously pushing toward mainstream distribution—through card-based onramps and institutional products—while grappling with core crypto realities: network reliability, leverage-driven volatility, and an evolving U.S. policy framework that could determine how quickly regulated and onchain markets converge.