Stablecoin payments with Mastercard: New partnerships and functions
Mastercard positioned more in the crypto sector and integrates stable coins into its global payment network. Through new partnerships with companies such as OKX, Nuvei and Circle, MasterCard now enables payments with stable coins such as USDC at over 150 million acceptance points worldwide. This initiative aims to facilitate the use of stable coins in everyday life and to promote their integration into existing financial systems.
Introduction of stable coins into payment transactions
Stablecoins are cryptocurrencies that are coupled to stable assets such as the US dollar. They offer the advantages of digital currencies, such as fast and inexpensive transactions, without the volatility of traditional cryptocurrencies. Mastercard recognizes the potential of stablecoins, especially with regard to efficiency and programmability of payments, payouts and transfers.
In order to increase the acceptance of stablecoins, Mastercard works with various crypto platforms. These include OKX, Metamask, Kraken, Gemini, Bybit, Crypto.com, Binance, Monavate and Bleap. These partnerships enable users to keep stable coins in their wallets and to output them worldwide via conventional mastercard cards at dealers. In addition, users can have stable coins with Mastercard Move paid directly to their bank accounts.
Read too: Democratic MPs face the planned StableCoin Act
Introduction of the OKX card
In cooperation with the Crypto exchange OKX Mastercard brings the OKX card to the market. This card offers users easy access to their digital assets and enables expenses in stable coins in everyday life. The partnership aims to simplify the use of digital assets and to integrate more people into the Web3 ecosystem.
Mastercard enables dealers to accept payments in stablecoins like USDC, regardless of which payment method the customer uses. This is achieved by partnerships with payment service providers such as Nuvei and StableCoin emitters such as Circle and Paxos. This functionality makes it easier to accept digital assets directly and reduces the dependence on traditional banking systems.
Improvement of transfers with crypto credential
Mastercard introduced the credential for cross -border payments. This system enables users to send and receive digital assets with simple and trustworthy user names instead of complex wallet addresses. Partners like Wirex, Bit2Me, Lirium, Notabene, Coins.ph and Mercado Bitcoin are already part of this ecosystem.
Mastercard has developed the multi-token Network (MTN) to enable real-time payments and redeems of tokenized assets. This network combines deposit accounts with new digital application cases. Partners like Ondo Finance use MTN to access tokenized financial instruments. Banks such as JPMorgan Chase and Standard Chartered are already connected to MTN to explore applications with stable coins and digital assets.
