Mastercard Teams Up With Circle and Paxos for Merchant Stablecoin Payments

Mastercard says it will allow merchants across its network to be paid with stablecoins in a partnership with payment processor Nuvei and stablecoin issuers Circle and Paxos.

Through the venture, 150 million merchants across the Mastercard network will now have the option to receive payments in stablecoins , regardless of how a customer pays, Mastercard said on April 28.

The payments giant also partnered with crypto exchange OKX for a crypto-enabled bank card, which Mastercard product chief Jorn Lambert said creates a “360-degree approach” where consumers can spend stablecoins and merchants can receive them.

He added that the “mainstream use cases are clear” for blockchain tech, and the company wanted “to make it as easy for merchants to receive stablecoin payments and for consumers to use them.”

The stablecoin market has continued to make gains, crossing a market value of $230 billion, an increase of 54% since last year , with Tether ( USDT ) and USDC ( USDC ) dominating 90% of the market.

Active stablecoin wallet accounts have similarly increased over 50% In just twelve months, as reported last month by the blockchain analytics firms Artemis and Dune.

Investment banking giant Citigroup forecasted in a report dated April 23 As regulatory backing increases along with acceptance by financial institutions, the stablecoin market could soar to a valuation of up to $3.7 trillion by the year 2030.

Mastercard introduces yet another cryptocurrency card.

Mastercard announced its collaboration with OKX for the OKX Card, aiming to provide cryptocurrency holders "convenient access to their assets" and facilitate the use of stablecoins in everyday purchases.

The head of OKX, Haider Rafique, stated that their partnership with Mastercard represents "an important move towards incorporating stablecoins into routine transactions and offering more enhanced user experiences."

Related: In 2024, Mastercard tokenized 30% of its transactions.

MetaMask, the crypto wallet developer, also joined forces with Mastercard on April 28. release a cryptocurrency payment card permitting individuals to utilize their own-held assets, employing smart contracts for executing real-world deals, all processed within less than five seconds.

Mastercard has also worked with crypto exchanges like Kraken , Binance, and Crypto.com to allow crypto-enabled debit cards.

Magazine: Bitcoin payments are being undermined by centralized stablecoins