Mastercard is taking another significant step toward mainstream crypto adoption, announcing a new initiative allowing over 150 million merchants on its global network to accept payments in stablecoins. The move is part of a broader partnership with payments processor Nuvei and stablecoin issuers Circle and Paxos.
Through the collaboration, merchants can now opt to receive payouts in stablecoins such as USDC and Pax Dollar, regardless of the currency customers use during transactions. Mastercard says this marks a “360-degree approach” to crypto payments, making it seamless for consumers and businesses to interact with digital assets.
Chief Product Officer at Mastercard, Jorn Lambert, emphasized the company’s commitment to blockchain innovation, stating that the “mainstream use cases are clear.” He added that the goal is to simplify stablecoin payments across the board, for both sending and receiving parties.
The initiative comes as the stablecoin market sees rapid growth. Artemis and Dune data show active stablecoin wallets have surged over 50% in the past year, with market capitalization soaring to $230 billion, a 54% year-over-year increase. Tether (USDT) and USD Coin (USDC) currently dominate the space, accounting for 90% of the total market.
Financial giants are taking note. In a recent report, Citigroup projected that the stablecoin market could hit $3.7 trillion by 2030 with increasing regulatory clarity and institutional adoption.
In addition to the merchant rollout, Mastercard has teamed up with crypto exchange OKX to launch a new crypto-enabled payment card allowing users to easily access their crypto funds for everyday purchases. Haider Rafique, OKX’s marketing head, described the collaboration as a major step in making stablecoins part of daily finance. This initiative is part of Mastercard’s ongoing strategy to integrate traditional finance with the digital asset economy, following previous partnerships with exchanges like Kraken, Binance, and Crypto.com on similar debit card projects.
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