Mastercard has announced the introduction of new options for businesses to accept payments in stablecoins, such as USDC from Circle. This initiative is made possible through partnerships with Nuvei and Paxos.
New Opportunities for Enterprises
Mastercard now allows its partners to accept stablecoin payments. This new option comes amid discussions around the GENIUS Act, which aims to establish a framework for stablecoin regulation in the U.S. Standard Chartered estimates that the global stablecoin market could rise to $2 trillion within three years once the legislation is implemented.
Collaboration with OKX
In addition to stablecoin settlement options, Mastercard has announced a partnership with the crypto exchange OKX to launch a new card. This card will provide users with direct access to their crypto assets, simplifying the use of stablecoins for purchases.
Innovative Payment Technologies
To facilitate global transactions, Mastercard has launched the Crypto Credential technology that allows users to send and receive digital currencies easily using simple usernames. Additionally, the Multi-Token Network (MTN) has been introduced, connecting standard deposit accounts to tokenized assets.
The integration of stablecoins into everyday payments and innovative technologies reflects Mastercard's commitment to staying at the forefront of the fintech revolution and contributing to the evolution of the crypto industry.
