Mastercard is making a bigger move into the digital asset economy by launching new services that support stablecoin payments across its global merchant network.
Mastercard is working with crypto exchange OKX to launch a new “OKX Card.” This card will allow users to spend their crypto easily, connecting Web3 activities (like trading crypto and using blockchain apps) with normal shopping.
Nuvei and Circle (the company behind USDC) are helping Mastercard so that merchants can accept stablecoin payments directly. Paxos will help expand these payments to include other stablecoins like USDP.
Jorn Lambert, Mastercard’s Chief Product Officer, said that stablecoins can make payments faster, cheaper, and more flexible. Mastercard believes that for digital assets to truly succeed, they must be as easy to use as regular money, both for businesses and customers.
Mastercard has already partnered with crypto exchanges like Kraken, Binance, and Crypto.com to allow crypto payments using cards. In 2023, Mastercard launched Crypto Credential, a service that lets users send crypto easily using simple usernames instead of long wallet addresses.
Mastercard also introduced the Multi-Token Network (MTN) last year to help settle and redeem tokenized (digital) assets in real-time. In February 2024, Ondo Finance became the first company to bring real-world assets like bonds onto Mastercard’s MTN.
Mastercard’s goal is to bring blockchain and stablecoins into everyday life, making it simple, trusted, and widely available, just like credit cards are today.
Also Read: Mastercard Plans To Make Crypto Transactions as easy as Venmo
