Mastercard Moves Deeper Into Crypto Payments With Stablecoin Integration

In an announcement on Monday, the payments giant revealed its new integrated approach designed to make spending and receiving stablecoins as seamless as using traditional bank accounts. Consumers will soon be able to earn rewards, pay, and spend stablecoins via their crypto wallets and traditional Mastercard cards at over 150 million merchant locations worldwide. They will also have the option to withdraw stablecoins directly into their bank accounts through Mastercard Move.

Strategic Partnerships With Circle, Paxos, and OKX

To roll out the new features, Mastercard is partnering with leading stablecoin issuers Circle and Paxos. Circle is the company behind USDC, the second-largest stablecoin by market capitalization. Mastercard is also collaborating with cryptocurrency exchange OKX to release a co-branded payment card.

The move comes as U.S. lawmakers debate new stablecoin legislation that could drive further adoption of dollar-pegged digital assets across mainstream financial services.

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Strengthening Crypto Payment Infrastructure

Earlier this month, Mastercard expanded its crypto footprint by forming a strategic partnership with Bleap, aiming to integrate stablecoin payments into traditional finance. Mastercard has already partnered with several major players in the crypto space, including MetaMask, Baanx, and Ledger. In July 2024, crypto wallet provider Argent also teamed up with Mastercard and blockchain startup Kulipa to launch a crypto-powered payment card.

“When it comes to blockchain and digital assets, the benefits for mainstream use cases are clear,” said Jorn Lambert, Chief Product Officer at Mastercard, in Monday’s statement. “We believe in the potential of stablecoins to streamline payments and commerce across the value chain.”

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