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- Mastercard now supports stablecoin payments for over 150 million merchants worldwide through partnerships with Nuvei, Circle, and Paxos.
- The move enhances real-world crypto utility, enabling payments via digital wallets, traditional cards, or directly with stablecoins like USDC.
- Partnerships with MetaMask and OKX further integrate stablecoins into everyday transactions via crypto-enabled payment cards.
Mastercard announced it will now allow merchants across its vast network to receive payments in stablecoins, thanks to a new partnership with leading payment processor Nuvei and stablecoin issuers Circle and Paxos.
Unveiled on April 28, the initiative opens up stablecoin settlements for over 150 million merchants globally, no matter how a customer chooses to pay whether with traditional cards, mobile wallets, or directly with digital assets. Mastercard emphasized its commitment to bridging the gap between traditional finance and blockchain innovation, declaring the move a significant leap forward in modernizing payment ecosystems.
“This is about a 360-degree approach to digital assets,” said Jorn Lambert, Mastercard’s Chief Product Officer. “We’re making it as seamless as possible for merchants to accept stablecoin payments and for consumers to spend them. The mainstream use cases for blockchain technology are clearer than ever.”
Mastercard’s announcement coincides with its deepening ties to the crypto sector. The payments giant also teamed up with crypto exchange OKX to launch a crypto-enabled bank card, dubbed the “OKX Card.” The product aims to give crypto users streamlined access to their funds while integrating stablecoins into everyday transactions from shopping online to paying at physical stores.
Mastercard and MetaMask Team Up for Stablecoin Payments
Haider Rafique, OKX’s Chief Marketing Officer, hailed the collaboration as a “significant step” toward embedding stablecoins into everyday life. “By creating richer, real-world experiences, we’re pushing the boundaries of what’s possible with digital assets,” he said.
Meanwhile, MetaMask, the popular crypto wallet known for its self-custody ethos, joined the movement by partnering with Mastercard to introduce a new crypto payments card. Users will be able to spend funds stored in their personal wallets, leveraging smart contracts to settle real-world transactions with a lightning-fast processing time of under five seconds.
Mastercard’s crypto strategy has been steadily unfolding over the past few years, partnering with major exchanges like Kraken, Binance, and Crypto.com to roll out crypto-enabled debit cards. However, the move into stablecoin payments marks a notable evolution, one that taps into a booming segment of the digital asset market.
The stablecoin market itself has been on a tear, surging to a market capitalization of over $230 billion, a 54% jump compared to last year. Tether (USDT) and USD Coin (USDC) dominate the field, collectively accounting for 90% of the sector. Onchain analysis platforms Artemis and Dune also recently reported that active stablecoin wallets have soared over 50% within the past 12 months, signaling robust user adoption.
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