- Mastercard added stablecoin payment capabilities through its partners such as OKX and Nuvei, enabling worldwide spending as well as direct merchant settlement.
- Consumers are able to make purchases at more than 150 million merchants using stablecoin wallets, bringing cryptocurrency into everyday payments.
- Mastercard innovations such as Crypto Credential and the Multi-Token Network are focused on securing, streamlining, and scaling stablecoin usage worldwide.
Mastercard made a bold move on April 28 by introducing new stablecoin payment capabilities to join the race of crypto adoption worldwide. Mastercard has partnered with prominent players such as OKX and Nuvei to integrate stablecoins into mainstream financial systems. The new structure enables consumers to spend stablecoins while merchants receive stablecoins directly around Mastercard’s vast network worldwide.
The move comes when stablecoin regulatory environments are becoming more defined, stimulating financial innovation. Mastercard believes that incorporating stablecoins into regular commerce is a necessary move to take stablecoins past being mere trading instruments. As stablecoins pick up traction, Mastercard’s new effort fills a fundamental bridge to mass adoption.
With help from leading platforms like MetaMask, Kraken, Gemini, Bybit, Crypto.com, Binance, Monavate, and Bleap, Mastercard intends to enable stablecoin spending through conventional card mechanisms. Consumers are now able to pay using stablecoin wallets at more than 150 million merchant sites across the globe, a substantial shift in digital payment capabilities.
OKX Card Launch Powers Stablecoin Accessibility
As a significant boost to this effort, Mastercard and OKX have launched the OKX Card, a product aimed at connecting customers directly to their digital assets. OKX noted that this card would simplify stablecoin usage in real-time applications, utilizing Mastercard’s worldwide payment rails to bridge traditional finance to Web3 infrastructure.
Apart from consumer spending, Mastercard is also investing in merchant settlement services through new partnerships. Partnerships with companies like Nuvei and Circle are allowing merchants to accept settlement in stablecoins like USDC, irrespective of what payment option the consumer uses. That freedom of choice should encourage more companies to adopt cryptocurrency.
Stablecoin remittances have traditionally encountered a number of challenges, especially in terms of transparency and authenticity. Mastercard addressed this by launching the Crypto Credential system. Users on cooperating exchanges such as Wirex, Bit2Me, Lirium, Notabene, Coins.ph, and Mercado Bitcoin can now send and receive stablecoins through simplified usernames as opposed to complex wallet addresses.
Financial Giants Join Stablecoin Ecosystem
In 2023, Mastercard introduced the Multi-Token Network (MTN) as a new way to help move money faster and more securely. MTN links regular bank accounts with digital, token-based assets, making it possible to instantly exchange and settle payments. With this system, Mastercard wants to make stablecoin transactions easier, quicker, and safer for people all over the world.
In February, Ondo Finance became the first company to bring real-world assets onto the MTN, opening new possibilities for tokenized asset trading. Financial powerhouses, including JPMorgan and Standard Chartered, have also connected to the MTN, looking to integrate stablecoin and digital asset applications into their operations.
As Mastercard’s Chief Product Officer, Jorn Lambert, said:
“We believe in the potential of stablecoins to streamline payments and commerce across the value chain. Unlocking this is core to how we navigate the rapidly changing world, giving people and businesses the freedom they want by providing the choices they deserve.”
