Mastercard moves to integrate stablecoins into global payments network
Quick Take
- Mastercard is enabling customers to spend and merchants to receive settlements in stablecoins.
- The company is also partnering with cryptocurrency exchange OKX to issue a card.
Mastercard is moving to allow consumers to spend and merchants to receive payments using stablecoins.
"To allow consumers and businesses to use stablecoins as easily as the money in their bank accounts, Mastercard is providing an integrated, 360-degree approach," the company said in a release on Monday. Consumers will be able "to earn rewards, pay, and spend the stablecoins in their crypto wallets via traditional cards at the over 150 million merchant locations accepting Mastercard globally, as well as withdraw stablecoins into their bank accounts with Mastercard Move."
In addition to partnering with cryptocurrency exchange OKX to release a card, Mastercard said it is working closely with stablecoin issuers Circle and Paxos to enable merchants to receive payments in stablecoins. Circle issues USDC, the second-largest stablecoin by supply.
As Congress considers stablecoin legislation expected to increase adoption and use, big banks are preparing to enter the market of issuing and conducting business using U.S. dollar-pegged stablecoins.
Earlier this month, Bleap formed a strategic partnership with Mastercard to integrate stablecoin payments into traditional financial infrastructure. Mastercard has previously partnered with other crypto companies, including MetaMask, Baanx, and Ledger. Last July, crypto wallet provider Argent partnered with Mastercard and blockchain startup Kulipa on a new crypto-powered payment card.
"When it comes to blockchain and digital assets, the benefits for mainstream use cases are clear,” Mastercard Chief Product Officer Jorn Lambert said in Monday's statement. "We believe in the potential of stablecoins to streamline payments and commerce across the value chain."
The total supply of USD-pegged stablecoins recently surpassed $230 billion. The market is expected to grow into the trillions of dollars in the coming years. Stablecoins generated more than $5.1 trillion worth of global transactions in the first half of 2024, according to analysts at Bitwise.
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