Mastercard (MA) Falters on Stablecoins Passage in Senate

We recently published a list of 10 Stocks Take A Shocking Nosedive. Mastercard Incorporated (NYSE:MA) is one of the worst-performing stocks on Thursday.

Mastercard fell by 5.39 percent on Wednesday to end at $538.73 apiece as investors sold off positions on expectations that the Senate’s passage of the stablecoins bill would pose a threat to its business.

Stablecoins are a type of currency designed to maintain a 1:1 ratio with the US dollar and is widely used by cryptocurrency traders to move funds between tokens.

Under the administration of President Donald Trump, Stablecoins gained momentum as an alternative payments method, emerging as a potential competitor to traditional payments companies, including Mastercard Incorporated (NYSE:MA).

A woman using a payment terminal at the checkout of a store showing payment products and solutions.

In the first quarter of the year, Mastercard Incorporated (NYSE:MA) saw its net income rise to $3.3 billion, higher by 10 percent than the $3 billion registered in the same period last year.

Revenues also grew by 15.87 percent to $7.3 billion from $6.3 billion year-on-year.

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READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.