Mastercard Enables Stablecoin Payments for Merchants

(Cryptonesia) — Mastercard Inc. stated that they will offer merchants an option to accept payments in stablecoins as global regulations surrounding these digital assets, which are typically linked to fiat currency values, become clearer.

In a press statement, Mastercard announced it would be teaming up with companies such as payment processing firm Nuvei and stablecoin providers Circle and Paxos to facilitate transactions using various cryptocurrencies.

This year, lawmakers proposed the bipartisan GENIUS Act — short for Guiding and Establishing National Innovation for U.S. Stablecoins Act — aiming to establish a regulatory structure for stablecoins within the country. In March, the legislation successfully cleared a vote in the Senate committee and is now progressing with potential to be enacted into law. This development comes as Standard Chartered Bank also engages with these financial instruments. estimated In a recent report, the stablecoin market might jump to $2 trillion within the coming three years following its anticipated approval.

The statement noted, "As global regulations become more clear, stablecoins are transitioning from being merely cryptocurrency trading instruments to becoming crucial solutions that offer enhanced efficiency and programmability to transactions like payments, distributions, and money transfers."

In addition to the announcement, Mastercard revealed that it’s collaborating with cryptocurrency exchange OKX to introduce a new card. Mastercard has already teamed up with several crypto companies such as MetaMask for launching crypto-backed debit cards.