Mastercard launches stablecoin payment support
Stablecoin transactions are becoming more accessible as a new partnership with OKX, Nuvei, and Circle helps build an ecosystem for users to spend crypto at millions of merchants.
Mastercard is stepping up its crypto ambitions by enabling stablecoin transactions through new partnerships. The payment giant announced a collaboration with crypto exchange OKX, processor Nuvei, and fintech firm Circle.
The goal is to build an ecosystem where users can spend stablecoins and merchants can accept them.
A new card issued with OKX will allow stablecoin holders to pay directly using crypto, while Nuvei and Circle will support the infrastructure behind these transactions.
Mastercard’s Chief Product Officer said stablecoins have the potential to simplify global payments. They can also empower both consumers and businesses by offering more choices.
Mastercard plans to allow users to spend stablecoins from their wallets at over 150 million merchant locations worldwide that already accept its cards.
The move comes as regulatory discussions around stablecoins continue in the US. The Securities and Exchange Commission recently stated that certain dollar-pegged tokens do not qualify as securities. However, it stopped short of offering clarity on yield-bearing or algorithmic stablecoins, leaving questions open for future decisions.
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