MasterCard announces end-to-end Stablecoin feature and launches the card with OKX

MasterCard is moving deeply into the digital asset economy by launching new global capabilities to support Stablecoin Payments across its vast merchant network, the company announced Monday.

Payments Giant is working with Crypto Exchange OKX to develop the “OKX Card” aimed at linking Crypto trading and Web3 activities with daily spending. Meanwhile, merchants will soon be able to resolve transactions directly with stubcoins such as Circle USDC thanks to collaborations with Nubay and Circle. Paxos helps to extend this feature to other supported Stablecoins like USDP.

“The benefits of mainstream use cases are clear when it comes to blockchain and digital assets,” said Jorn Lambert, Chief Product Officer of MasterCard, in a statement. “To realize that possibility, merchants need to be more likely to receive stable payments and make it easier for consumers to use them. We believe in the potential of stable coins to streamline payments and commerce across the value chain.

Stablecoins, a cryptocurrency that is locked into stable assets like the US dollar, has gradually moved beyond trading venues to mainstream payments.

MasterCard’s initiative covers a wide range of Stablecoin use cases, from wallet enablements and card issuances to merchant settlements and chain transfers. The company has previously partnered with Crypto Exchanges such as Kraken, Binance and Crypto.com to allow payments through traditional cards with Stablecoins.

Last year, we deployed MasterCard Crypto credentials. This is a service designed to simplify the transmission of digital assets across boundaries using verified usernames rather than complex wallet addresses.

In 2023, MasterCard launched the Multi-Token Network (MTN), which is used to promote real-time settlements and tokenized assets.

Ondo Finance became the first provider to bring actual assets into the network in February.

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