The Global Mastercard Financial Services giant is launching a support for stablecoin payments through its network as part of new partnerships.
In a press release, Mastercard said It is associated with Crypto Exchange OKX and with the Nuvei payment processor for customers and merchants to spend and receive stablecoins.
MasterCard also associates with a Stablecoin USDC circle from the Stablecoin Paxos transmitter to allow its consumers to settle transactions using the digital assets of the two companies.
Said Jorn Lambert, product manager at Mastercard,
“Regarding blockchain and digital assets, the advantages for traditional use cases are clear. To make its potential, we must facilitate merchants to receive stable payments and so that consumers use them. We believe in the potential of staboins to rationalize payments and the trade in the value chain. ”
Stablecoins are cryptocurrencies that are fixed at the value of another asset, such as a fiat currency like the US dollar.
The Mastercard partnership with OKX includes the program provided for a bank card compatible with crypto, the “OKX card”.
According to Ark Invest dataThe annualized transaction value of stablecoins increases regularly and reaches 15.6 billions of dollars in 2024, “around 119% and 200% of that of Visa and Mastercard, respectively”.
Total Stablecoins market capitalization is estimated at $ 244.6 million.
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