tl;dr
Mastercard is launching support for stablecoin payments through partnerships with crypto exchange OKX, payments processor Nuvei, and stablecoin issuers Circle (USDC) and Paxos. This initiative allows customers and merchants to spend and receive stablecoins, aiming to simplify their use in commerce. ...
Mastercard is joining forces with OKX, Nuvei, Circle, and Paxos to launch stablecoin payment options across its network, aiming to streamline how merchants accept and consumers use these digital assets.
This initiative enables customers and merchants to spend and receive stablecoins—cryptocurrencies pegged to traditional assets like the US dollar—to simplify commerce transactions. A key feature of this partnership is the introduction of the "OKX Card," a crypto-enabled bank card designed to facilitate stablecoin payments.
Jorn Lambert, Mastercard’s chief product officer, highlights the clear benefits of blockchain and digital assets for mainstream use, emphasizing the need to make stablecoin payments accessible and convenient for both merchants and consumers.
Stablecoins have witnessed explosive growth, with transaction values reaching $15.6 trillion in 2024—outperforming Visa and Mastercard transaction totals. The overall market capitalization of stablecoins stands at $244.6 million, reflecting robust adoption in the financial ecosystem.
Through these collaborations, Mastercard is positioning itself at the forefront of integrating stablecoins into everyday payments, potentially transforming the traditional payments landscape and delivering greater value across the entire commerce value chain.