- Mastercard allows stablecoin payments for users at over 150 places globally.
- With the Crypto Credential System, users can send their digital assets via username.
- Partnering with OKX, Nuvei, Circle, and MetaMask, Mastercard pushes stablecoin payments mainstream.
In a bold step towards the future of digital payments, Mastercard revealed a new payment feature utilizing stablecoins. According to a press release, Mastercard partnered with OKX, Nuvei, and Circle to integrate stablecoins into conventional payment systems. This will support customers in cross-border transfers, merchant settlements, card issuance, and wallet enablement, boosting widespread financial integration.
New Stablecoin Architecture Introduced
Besides expanding stablecoin payments, Mastercard introduced a 360-degree integrated system enabling stablecoin usage like traditional bank money. Mastercard stated that global utility depends on seamless integration, everyday utility, and an intuitive user experience within financial systems. Further, consumers can spend their stablecoins through traditional cards at over 150 million locations worldwide.
As part of the rollout, Mastercard launched the OKX Card, providing users easy access to their funds through crypto wallets. Also, teaming with Mastercard, Nuvei, and Circle enabled merchants to accept stablecoin payments for secure transactions.
Apart from this, Paxos will also support the initiative by enabling stablecoin functionalities across Paxos-issued digital currencies globally. Jorn Lambert, Mastercard’s Chief Product Officer, stated, “We believe in the potential of stablecoins to streamline payments and commerce across the value chain.”
Leveraging Crypto Credential and MTN for Seamless Transfers
To further simplify asset transfers, Mastercard introduced its Crypto Credential system, which allows users to send assets using simple usernames than wallet addresses. Further, Mastercard’s Multi-Token Network (MTN), launched in 2023, facilitates real-time settlements and redemptions of tokenized assets. Consequently, users can leverage the quick and secure transactions without relying on complex blockchain addresses or verification methods.
Prominent partners like Wirex, Bit2Me, Lirium, Notabene, Coins.ph, and Mercado Bitcoin have already joined the Mastercard Crypto Credential ecosystem. Besides this, Ondo Finance became the first provider to introduce real-world assets to the MTN system earlier in February 2024.
Related: Ethereum Hits $1.18T in Stablecoin Transfers, Leads Market
Global Partnerships Driving Mainstream Crypto Adoption
According to the announcement, the OKX Card rollout is another way the crypto finance platform enhances its offering, with consumers who spend their crypto assets on their daily purchases. Further, Nuvei emphasized providing merchants with secure and efficient payment solutions, while MetaMask ensured that users maintained self-custody and control while accessing Web3 features seamlessly.
Meanwhile, Kraken joins Mastercard and its partners in driving mass adoption. With this development, the move to make cryptocurrency a mainstream payment method may be reaching a critical tipping point.
