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Mastercard Expands Stablecoin Payments With Circle, Paxos Partnership

Coin WorldMonday, Apr 28, 2025 10:22 pm ET
2min read

Mastercard has announced a significant expansion of its stablecoin payment capabilities, partnering with Circle and Paxos to enable merchants to receive payments in stablecoins. This move is part of Mastercard's broader strategy to integrate stablecoins into its global payment network, providing merchants with the option to settle transactions in stablecoins such as Circle's USDC, regardless of the payment method used by consumers. The collaboration with Circle and Paxos allows merchants to accept stablecoins directly, streamlining the payment process and enhancing financial flexibility.

The initiative introduces a comprehensive framework that covers various aspects of stablecoin integration, including wallet enablement, card issuance, merchant settlement, and cross-border remittances. Mastercard's chief product officer, Jorn Lambert, highlighted the potential of stablecoins to simplify payments and commerce across the value chain. He emphasized that providing choices and freedom to people and businesses is core to Mastercard's approach in navigating the rapidly evolving financial landscape.

Mastercard's new stablecoin payment functionalities aim to enable consumers to spend stablecoins and merchants to receive them across its extensive global network. The company is collaborating with various crypto-native and fintech partners to integrate stablecoins into traditional payment flows. This includes partnerships with platforms such as MetaMask, Kraken, Gemini, Bybit, Crypto.com, Binance, Monavate, and Bleap, allowing consumers to use stablecoins stored in their wallets at over 150 million merchant locations worldwide. Additionally, mastercard Move facilitates withdrawals of stablecoins to bank accounts, further enhancing the utility of stablecoins in everyday transactions.

The partnership with OKX is another key component of Mastercard's stablecoin strategy. The OKX Card, launched jointly by Mastercard and OKX, provides users with direct access to their crypto holdings, integrating stablecoins into everyday transactions by connecting OKX's crypto trading and Web3 infrastructure to Mastercard’s global payment rails. This collaboration aims to make stablecoin spending more seamless and accessible, aligning with the growing trend of stablecoins transitioning from trading tools to payment solutions.

Merchant settlement is also expanding through collaborations with Nuvei and Circle. Merchants will be able to receive settlement payments in stablecoins such as Circle’s USDC, irrespective of the payment method consumers use. Similar settlement mechanisms support Paxos-issued stablecoins, further broadening the options for merchants to accept and settle payments in stablecoins.

Ask Aime: How can Mastercard's stablecoin payment capabilities benefit U.S. retail investors?

To address challenges in stablecoin remittances, Mastercard introduced Crypto Credential, which enables users of partner exchanges to send and receive digital assets using usernames. This service enhances verification and transparency in cross-border transactions, making it easier for users to manage their stablecoin holdings across different platforms.

Mastercard has also designed the Multi-Token Network (MTN) to facilitate real-time payments and redemptions. The MTN connects deposit accounts to tokenized assets, enabling partners like Ondo Finance to access tokenized financial instruments. Financial institutions, including JPMorgan and Standard Chartered, have connected to MTN to explore stablecoin and digital asset applications within their operations, further solidifying Mastercard's position as a leader in the stablecoin ecosystem.

In summary, Mastercard's partnership with Circle and Paxos for merchant stablecoin payments represents a significant step towards broader adoption of stablecoins in everyday commerce. By integrating stablecoins into its global payment network and collaborating with key partners, Mastercard is paving the way for a more seamless and flexible payment ecosystem, benefiting both consumers and merchants alike.

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MysteryMan526
04/29
MAstercard Move making stablecoin withdrawals easy? This could legitimize stablecoins as everyday tools.
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DumbStocker
04/29
MAstercard going all-in on stablecoins, bullish vibes.
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portrayaloflife
04/29
Real-time payments with Multi-Token Network? That's next-level stuff. Banks better adapt fast.
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moneymonster420
04/29
@portrayaloflife Banks already adapting, JPM and SC involved.
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YungPersian
04/29
JPMorgan and Standard Chartered on board with MAstercard? Big names recognizing crypto's potential.
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Fit-Possibility-1045
04/29
@YungPersian What do you think will be the next big move from these banks?
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zaneguers
04/29
OKX Card sounds like a solid move. Integrating crypto into daily spending is genius.
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ssjaditya1
04/29
@zaneguers OKX Card? Pretty neat.
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killawatts22
04/29
Circle and Paxos teaming up with MAstercard? This stablecoin play could be a game-changer. 🤑
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Revolutionary-Slip48
04/29
Stablecoins on MAstercard? About time traditional finance caught up with crypto. $TSLA should watch out!
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LurkerMcLurkington
04/29
Holding some Circle's USDC. Diversifying with stablecoins feels safer than betting on volatile coins.
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Odd_Education_9006
04/29
@LurkerMcLurkington How long you been holding Circle's USDC? Any plans to add more?
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NoTearsNowOnlyDreams
04/29
Paxos-issued stablecoins expanding? More options for merchants mean more flexibility. Love to see it.
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LonnieJaw748
04/29
Finally, stablecoins in mainstream play. 🚀
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mav101000
04/29
Circle and Paxos team-up is a game-changer.
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careyectr
04/29
MAstercard going all-in on stablecoins. Crypto adoption sneaking up on us. 🚀
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skarupp
04/29
Holding $USDC, $DAI for stability in wild market.
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joaopedrosp
04/29
OKX Card rocks, seamless crypto integration needed.
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johnnyko55555
04/29
Holding $USDC and $DAI through Circle. Solid play for the long haul as a hedge against fiat madness.
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