Mastercard is expanding its support for stablecoin payments, collaborating with Circle, Nuvei, and Paxos to enable direct settlement for merchants.
The company is partnering with OKX to roll out the OKX Card, which will link crypto trading and Web3 spending to Mastercard’s extensive merchant network.
Mastercard’s initiative encompasses a range of functionalities including wallet enablement, card issuance, merchant settlement, and on-chain remittances.
Mastercard is enhancing its involvement in the digital asset space by introducing new global capabilities to support stablecoin payments across its vast merchant network, as announced on Monday.
The payments giant is rolling out the OKX Card in collaboration with crypto exchange OKX, designed to seamlessly connect crypto trading and Web3 activities with everyday spending. Through partnerships with Nuvei and Circle, merchants will soon be allowed to settle transactions directly in stablecoins like USDC. Paxos will also be involved in extending this capability to include additional stablecoins such as USDP.
Quote: “When it comes to blockchain and digital assets, the benefits for mainstream use cases are clear,” Jorn Lambert, chief product officer at Mastercard, stated. “To realize its potential, we need to make it easy for merchants to receive stablecoin payments and for consumers to utilize them. We believe in the promise of stablecoins to optimize payments and commerce across the value chain. Realizing this potential is vital to navigating the swiftly evolving landscape, providing freedom for both individuals and businesses through a variety of options.”
Stablecoins, cryptocurrencies pegged to stable assets like the U.S. dollar, are gradually moving from trading platforms into widespread payment solutions.
Mastercard’s initiative aims to cover all aspects of stablecoin utility, from enabling wallets and issuing cards to merchant settlements and on-chain remittances. The company has previously collaborated with crypto exchanges such as Kraken, Binance, and Crypto.com to allow users to utilize stablecoins via traditional card systems.
In 2023, Mastercard launched its Multi-Token Network (MTN) to facilitate real-time settlements and redemptions of tokenized assets.
Last year, it also unveiled the Mastercard Crypto Credential, a service that streamlines digital asset transfers across borders using verified usernames instead of complex wallet addresses.
Disclaimer: Parts of this article were produced with the assistance of AI tools and went through a review process by the editorial team for accuracy and standards adherence.
