Mastercard lets users pay with stablecoins at merchants

Mastercard has announced a new initiative allowing clients to make and receive payments in stablecoins, expanding its digital asset services through partnerships with crypto exchange OKX and payments processor Nuvei.

The collaboration will let individuals spend stablecoins at point-of-sale via the new OKX Card, while merchants can choose to accept stablecoin payments, including Circle’s USDC, regardless of the payment method used by customers.

Nuvei and Circle will provide the infrastructure for merchant settlement, and Mastercard is also working with Paxos to enable similar functionality for Paxos-issued stablecoins.

“We believe in the potential of stablecoins to streamline payments and commerce across the value chain,” said Jorn Lambert, Mastercard’s Chief Product Officer.

“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.”

Mastercard’s efforts include wallet enablement, card issuing, and merchant acceptance, aiming to integrate stablecoins into everyday transactions at over 150 million merchant locations worldwide.

The company has also introduced Crypto Credential for secure, user-friendly on-chain remittances and the Multi-Token Network (MTN) to connect deposit accounts to tokenized assets, partnering with financial institutions like JPMorgan and Standard Chartered.