Mastercard is Bringing Stablecoins to the Mainstream, Making It Easy to Use Them for Payments at Millions of Merchants

Mastercard is a well-known name in the world of finance, recognized for its role in facilitating smooth and efficient transactions. Recently, the company has been diligently working towards integrating stablecoins into its existing network, aiming to create a seamless experience for both consumers and merchants.

Now, Mastercard is making significant strides in bringing stablecoins to the mainstream. The company has partnered with crypto exchange OKX to launch the OKX Card, which will allow users to easily access their crypto funds and spend them at millions of merchants worldwide.

Mastercard is also working with several other partners, including Nuvei and Circle, to enable stablecoin payments at point-of-sale. This will allow consumers to pay with stablecoins like Circle’s USDC at millions of merchants who accept Mastercard.

In addition, Mastercard is partnering with platforms like MetaMask, Kraken, and FTX to allow consumers to earn rewards, pay, and spend stablecoins from their preferred wallets at over 150 million merchants who accept Mastercard.

“When it comes to blockchain and digital assets, the benefits for mainstream use cases are clear. To realize its potential, we need to make it as easy for merchants to receive stablecoin payments and for consumers to use them.”

These partnerships will create a complete system where consumers can spend stablecoins and merchants can accept them.

According to Mastercard, while stablecoins offer speed and cost-effectiveness, current user experiences lack sufficient verification and transparency. To address this, Mastercard is introducing its Crypto Credential, which will allow users to send and receive digital assets with their trusted usernames, ensuring a seamless and secure experience.

Moreover, Mastercard is launching its Multi-Token Network (MTN) for real-time payments across multiple markets and currencies. This network will connect institutions, including banks, fintechs, and startups, to facilitate seamless tokenized asset flows.

Mastercard is already collaborating with various partners in the crypto and Web3 space, including DEFI platform Ondo Finance, which uses tokenized assets to offer structured notes to institutional investors.

Furthermore, leading banks like JPMorgan Chase and Standard Chartered are closely working with Mastercard to connect their capabilities to the Multi-Token Network, unlocking new opportunities for digital asset use cases.

Recently, Mastercard announced a partnership with crypto exchange Kraken to enable users to pay with stablecoins via traditional cards at over 150 million merchants worldwide.

Earlier this year, Mastercard partnered with Binance to launch a pilot program for a new payments technology that will allow users to pay with crypto at point-of-sale.

The company is also working with several other crypto firms, including Crypto.com and NChain, to explore new use cases for blockchain and digital assets.