Latest news with #OKXCard
Yahoo
30-04-2025
- Business
- Yahoo
Mastercard Unveils End-to-End Stablecoin Capabilities, Will Launch Card With OKX
Mastercard is moving deeper into the digital asset economy by launching new global capabilities to support stablecoin payments across its vast merchant network, the company announced Monday. The payments giant is working with crypto exchange OKX to roll out the "OKX Card," aimed at linking crypto trading and Web3 activities with everyday spending. Meanwhile, merchants will soon be able to settle transactions directly in stablecoins such as Circle's USDC, thanks to collaborations with Nuvei and Circle. Paxos will help extend this functionality to other supported stablecoins like USDP. 'When it comes to blockchain and digital assets, the benefits for mainstream use cases are clear,' Jorn Lambert, chief product officer at Mastercard, said in a statement. 'To realize its potential, we need to make it as easy for merchants to receive stablecoin payments and for consumers to use them. 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,' he said. Stablecoins, which are cryptocurrencies pegged to stable assets like the U.S. dollar, have been gradually moving beyond trading venues into mainstream payments. Mastercard's initiative covers the full range of stablecoin use cases, from wallet enablement and card issuance to merchant settlement and on-chain remittances. The company has previously partnered with crypto exchanges like Kraken, Binance and to allow users to pay with stablecoins via traditional cards. Last year, it rolled out Mastercard Crypto Credential, a service designed to simplify sending digital assets across borders using verified usernames rather than complex wallet addresses. In 2023, Mastercard launched its Multi-Token Network (MTN) which is being leveraged to facilitate real-time settlements and redemptions of tokenized assets. Ondo Finance, in February, became the first provider to bring real-world assets to the network. Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI in to access your portfolio
Yahoo
29-04-2025
- Business
- Yahoo
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, 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, 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. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Arabian Post
28-04-2025
- Business
- Arabian Post
Mastercard Advances Stablecoin Payments with New Global System
Mastercard has moved to expand its digital asset footprint by unveiling a stablecoin-powered global payment system that aims to bridge traditional finance with blockchain technology. The initiative incorporates wallet integration, card issuance, merchant settlement, and on-chain remittances, signalling a major endorsement for stablecoins within mainstream financial services. The payments giant will partner with OKX to launch the OKX Card, offering users the ability to spend crypto assets seamlessly through Mastercard's established infrastructure. The collaboration is positioned to provide cardholders with the option to convert their digital holdings into fiat currency at the point of sale, utilising USDC stablecoins to facilitate transactions in real time. Mastercard's broader collaboration also includes Circle, Nuvei, and Paxos, three key players in the stablecoin and blockchain space. The strategy centres on enabling direct merchant settlement using stablecoins, starting with USDC. The move is expected to accelerate merchant acceptance of digital currencies by eliminating the need for fiat conversions and complex intermediary processes. Raj Dhamodharan, Mastercard's head of crypto and blockchain, stated that the company is building a 'future-proof' payments ecosystem that integrates digital assets responsibly and securely. He emphasised that Mastercard's framework would ensure compliance with existing regulations and uphold strong consumer protection measures while offering the benefits of blockchain efficiencies. By embedding stablecoins into payment rails, Mastercard is seeking to address long-standing challenges that have limited wider adoption of digital currencies, including volatility, liquidity management, and interoperability between financial systems. Stablecoins, which are typically pegged to fiat currencies like the US dollar, offer price stability that traditional cryptocurrencies like Bitcoin do not, making them more suitable for everyday transactions. The OKX Card is expected to launch initially in select markets, with expansion plans to follow based on regulatory approvals and market demand. OKX's president Hong Fang described the partnership as a 'game-changer' that will 'empower millions to experience the future of payments today.' The card will allow users to link their crypto wallets directly and spend their digital assets without the need to manually convert them into fiat beforehand. Mastercard's collaboration with Circle is particularly noteworthy as Circle's USDC stablecoin is widely regarded for its regulatory compliance and transparency. Circle CEO Jeremy Allaire welcomed the partnership, highlighting that direct merchant settlement in USDC would reduce transaction costs, enhance speed, and provide greater transparency across payment processes. Nuvei and Paxos will contribute to strengthening the backend settlement capabilities. Nuvei, a global payment technology firm, brings extensive experience in integrating alternative payment methods for merchants, while Paxos, a regulated blockchain infrastructure platform, provides trusted stablecoin issuance and custody solutions. This new framework comes at a time when global financial institutions are increasingly exploring digital currencies. The Bank for International Settlements reported an upsurge in central bank digital currency projects globally, with a growing focus on how stablecoins and blockchain could complement traditional payment systems rather than disrupt them. Mastercard has been experimenting with blockchain and digital assets for several years, conducting pilot programmes with various crypto companies and financial institutions. The company's partnership with the Reserve Bank of Australia and the Digital Finance Cooperative Research Centre on a central bank digital currency pilot was another key step illustrating its commitment to innovating responsibly within the space. Mastercard's stablecoin settlement model follows a successful pilot in Australia, where live transactions using USDC and Mastercard's network proved the technical viability and regulatory feasibility of using stablecoins for real-world transactions. The pilot included collaboration with Cuscal and Mintable, showcasing the ability to settle card transactions directly on blockchain networks. Through these developments, Mastercard appears to be positioning itself as a leader among traditional financial service providers seeking to integrate blockchain into their core offerings. This approach not only supports digital asset adoption but also builds bridges between traditional payment providers and emerging decentralised finance ecosystems. Industry analysts note that Mastercard's entry into stablecoin-powered payments could force other major payment processors to accelerate their blockchain strategies. Visa, which has been running its own stablecoin settlement pilots, will likely view Mastercard's moves as a call to action to deepen its blockchain integration efforts to remain competitive. There are challenges ahead, particularly regarding regulatory clarity. Stablecoins have come under increasing scrutiny from regulators concerned about financial stability, money laundering, and consumer protection risks. Mastercard has indicated that its stablecoin programme will operate within regulated frameworks, ensuring that only stablecoins backed by transparent and compliant reserves are included. The initiative also highlights growing merchant interest in accepting digital currencies without bearing volatility risks. Direct stablecoin settlement allows merchants to receive payment in a stable asset without relying on third-party crypto-to-fiat conversion services, streamlining operations and reducing costs. As stablecoins continue to evolve beyond speculative assets into functional financial tools, Mastercard's system reflects an understanding that digital currencies must serve real-world use cases to achieve mainstream adoption. The company's ability to integrate stablecoin technology with traditional card networks could significantly alter how digital assets are used in daily commerce. Mastercard's latest announcement also underlines a broader industry shift toward interoperability. By supporting transactions across multiple blockchain networks and integrating with different stablecoin issuers, Mastercard aims to create a unified ecosystem where users, merchants, and financial institutions can interact seamlessly across both traditional and digital finance landscapes. Arabian Post – Crypto News Network
