Mastercard is rolling out an end-to-end infrastructure designed to make it seamless for consumers to spend stablecoins and for merchants to accept them, a "360-degree approach" to mainstreaming the digital assets.
The payments giant on Monday announced partnerships with key players like OKX and Nuvei to create an ecosystem where stablecoins can be spent as easily as traditional currency and received by businesses with greater flexibility.
The initiative is tackling several key barriers to broader adoption of stablecoins, which are cryptocurrencies pegged to the value of fiat currencies.
It includes wallet integration with major crypto platforms (MetaMask, Kraken, Binance, etc.) and the ability to spend them via Mastercard-linked cards at over 150 million locations. A partnership with OKX will see the launch of the OKX Card, directly connecting millions of users to their digital assets for everyday spending, the announcement said.
To address the needs of merchants, Mastercard is also collaborating with Nuvei and Circle to enable businesses to receive payments in stablecoins like USDC, regardless of how the customer pays. This move aims to streamline settlement processes and open up possibilities for merchants exploring digital assets.
"We are working with leading technology providers to create seamless integration for both consumers and merchants. Whether a consumer prefers to manage their digital assets in a Web3 wallet or a crypto exchange, they will be able to use their preferred method to convert and spend their stablecoins at millions of locations worldwide," said Jorn Lambert, chief product officer at Mastercard.
"This initiative underscores our commitment to providing flexible and innovative payment solutions that cater to the evolving needs of the market."
Mastercard is also aiming to simplify and secure cross-border stablecoin transfers with its Crypto Credential for on-chain remittances.
The company is further developing its Multi-Token Network (MTN) to enable real-time payments and redemptions with tokenized assets.
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