Mastercard launches stablecoin payment capabilities
Mastercard has unveiled new global stablecoin acceptance and payment capabilities to ensure that individuals and businesses can conduct stablecoin transactions 'anytime' and 'anywhere'.
This initiative encompasses services including Wallet enablement, card issuing, merchant settlement, on-chain remittances, and the enhancement of payment and commerce applications.
The payments giant has forged partnerships with crypto-native companies such as MetaMask, Kraken, Gemini, Bybit, Crypto.com, Binance, Monavate, and Bleap.
These collaborations enable consumers to utilise stablecoins in their crypto wallets for payments and to earn rewards through traditional cards at Mastercard-accepting merchant locations worldwide.
Additionally, Mastercard Move allows for the withdrawal of stablecoins into bank accounts.
In collaboration with OKX, Mastercard is launching the OKX Card, granting customers access to their funds and exploring new avenues to engage with digital assets.
This partnership leverages OKX's expertise in crypto trading and the Web3 ecosystem to onboard more users into the digital asset space.
Mastercard is also partnering with Nuvei and Circle to offer merchants the option to receive payments in stablecoins such as Circle's USDC, and is working with Paxos to extend this functionality across Paxos-issued stablecoins.
The Mastercard Crypto Credential initiative addresses user experience challenges by enabling crypto exchange users to transact digital assets using usernames.
Companies such as Wirex, Bit2Me, Lirium, Notabene, Coins.ph, and Mercado Bitcoin have already integrated into the Mastercard Crypto Credential ecosystem.
The Mastercard Multi-Token Network (MTN) is designed to facilitate real-time payments and redemptions, allowing partners like Ondo Finance to utilise on-chain tokenised assets.
JPMorgan Chase and Standard Chartered have connected to MTN, linking deposit accounts to digital asset applications.
Mastercard 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.'
This follows Mastercard's introduction of a new programme to accelerate the adoption of virtual cards to ease commercial payments between banks, platforms, and corporates.
"Mastercard launches stablecoin payment capabilities " was originally created and published by Electronic Payments International, a GlobalData owned brand.
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