Mastercard has announced the launch of a payment system enabling the use of stablecoins through new partnerships with OKX and Nuvei.
Partnership with OKX and Nuvei
On April 28, Mastercard announced a partnership with crypto exchange OKX and Canadian payment processor Nuvei. This initiative aims to create a '360-degree approach' enabling consumers to spend stablecoins and merchants to accept them. The firm claims that the new technology will provide 'global stablecoin acceptance and payments capabilities.’
Global Stablecoin Payments
Mastercard states that users will be able to pay with stablecoins in their crypto wallets using traditional cards accepted at over 150 million merchant locations worldwide. For merchants, Mastercard is collaborating with Nuvei and Circle to facilitate the acceptance of Circle's USDC stablecoin.
MetaMask Launches New Card
On the same day, decentralized crypto wallet MetaMask announced the launch of a new 'Metal Payment Card' in partnership with fintech firms CompoSecure and Baanx. This card, backed by Mastercard’s global network, allows direct spending from MetaMask self-custody wallets without the need for pre-loading funds or converting crypto to fiat.
Thus, Mastercard continues to expand its presence in the cryptocurrency market, providing new opportunities for users and merchants.
