Mastercard launches stablecoin payment support via partnerships with major crypto companies

Mastercard announced new stablecoin payment functionalities on April 28, aiming to enable consumers to spend stablecoins and merchants to receive them across its global network.

The company is collaborating with crypto-native and fintech partners, including OKX and Nuvei, to integrate stablecoins into traditional payment flows.

The initiative introduces a 360-degree framework covering wallet enablement, card issuance, merchant settlement, and cross-border remittances. 

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.”

Additionally, Mastercard emphasized that with stablecoins transitioning from trading tools to payment solutions amid increasing regulatory clarity, integrating them into everyday commerce is a necessary step toward broader adoption.

Stablecoin spending and settlement

Mastercard will enable stablecoin spending via traditional cards through partnerships with platforms such as MetaMask, Kraken, Gemini, Bybit, Crypto.com, Binance, Monavate, and Bleap. 

Consumers can use stablecoins stored in their wallets at over 150 million merchant locations worldwide. Mastercard Move also facilitates withdrawals of stablecoins to bank accounts.

Additionally, Mastercard and OKX are jointly launching the OKX Card, which will provide users with direct access to their crypto holdings. 

According to OKX, the partnership will help integrate stablecoins into everyday transactions by connecting its crypto trading and Web3 infrastructure to Mastercard’s global payment rails.

Merchant settlement is also expanding through collaborations with Nuvei and Circle. Merchants will be able to receive settlement payments in stablecoins such as Circle’s USDC, irrespective of the payment method consumers use. 

Similar settlement mechanisms support Paxos-issued stablecoins.

Enhancing user experience

Addressing challenges in stablecoin remittances, Mastercard introduced Crypto Credential, which enables users of partner exchanges, such as Wirex, Bit2Me, Lirium, Notabene, Coins.ph, and Mercado Bitcoin, to send and receive digital assets using usernames. 

The service’s goal is to enhance verification and transparency in cross-border transactions.

To facilitate real-time payments and redemptions, Mastercard designed the Multi-Token Network (MTN). The MTN connects deposit accounts to tokenized assets, enabling partners like Ondo Finance to access tokenized financial instruments. 

Financial institutions, including JPMorgan and Standard Chartered, have connected to MTN to explore stablecoin and digital asset applications within their operations.

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