Mastercard is deepening the economy of digital assets by launching new global capabilities to support Stablecoin payments on its vast commercial network, the company announced Monday.
The giant of the payments is working with Crypto Exchange OKX to launch the “OKX” card, with the aim of linking crypto and web3 trade activities with daily spending. Meanwhile, merchants will soon be able to solve transactions directly in Stablecoins such as the USDC of Circle, thanks to collaborations with Nuvei and Circle. Paxos will help extend this functionality to other stable compatible such as USDP.
“When it comes to blockchain and digital assets, the benefits for conventional use cases are clear,” said Lambert, director of Mastercard products, in a statement. “To make their potential, we need to be so easy for merchants to receive paycoin payments and that consumers use them. We believe in the potential of the stable to rationalize payments and trade in the value chain. Unlock this is the core of how we sail in the world that changes quickly, giving people and companies the freedom they want to provide the elections they deserve,” he said.
The stable, which are cryptocurrencies linked to stable assets such as the US dollar, have gradually gone beyond negotiation places in conventional payments.
The MasterCard initiative covers the full range of stablecoin use cases, from wallet qualification and card issuance to commercial liquidation and chain remittances. The company has previously been associated with encryption exchanges such as Kraken, Binance and Crypto.com to allow users to pay with Stablecoins through traditional cards.
Last year, Mastercard Crypto Credential implemented, a service designed to simplify the sending of digital assets through the edges using verified user names instead of complex wallet addresses.
In 2023, Mastercard launched its network of multiple tests (MTN) that is being used to facilitate real -time settlements and tokenized assets.
Ondo Finance, in February, became the first supplier to bring real world assets to the network.
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