Mastercard Launches Global Stablecoin Payment Capabilities with OKX Card
Mastercard is enhancing its involvement in the digital asset space by launching capabilities for stablecoin payments within its merchant network. Key developments include:
- Collaboration with OKX to introduce the "OKX Card," linking crypto trading and Web3 activities to everyday spending.
- Merchants will be able to settle transactions directly in stablecoins like Circle’s USDC, facilitated by partnerships with Nuvei and Circle.
- Paxos will extend support to other stablecoins including USDP.
- Mastercard aims to streamline stablecoin use in mainstream payments, emphasizing ease for merchants and consumers.
- The initiative encompasses wallet enablement, card issuance, merchant settlement, and on-chain remittances.
- Previous collaborations with exchanges such as Kraken and Binance have enabled stablecoin payments via traditional cards.
- In 2022, Mastercard launched the Crypto Credential service for easier cross-border digital asset transfers.
- In 2023, the Multi-Token Network (MTN) was introduced for real-time settlements of tokenized assets, with Ondo Finance being the first provider of real-world assets on the network.