Raj Dhamodharan, head of Mastercard's crypto and blockchain business, said the company has moved from the experimental stage to providing actual crypto solutions. Mastercard recently partnered with compliance firm Notabene to integrate its Crypto Credential system into the SafeTransact platform, enabling users to transfer crypto assets via email addresses instead of complex wallet addresses. Dhamodharan pointed out that Mastercard will focus on three areas in 2025: the construction of cryptocurrency upper and lower chain channels, the expansion of Crypto Credential functions, and the stablecoin business. At present, the company has supported the Financial Institution Group to use stablecoins for transaction settlement, and plans to announce more partnerships and application scenarios this year. Regarding the trend of asset tokenization, he said that once the regulation clearly allows the representation of deposits on the public chain, this area will see greater development.