Mastercard Partners with Industry Leaders to Enable Stablecoin Payments at 150 Million Merchants

Mastercard has taken a significant step towards integrating cryptocurrencies with mainstream financial services by fully embracing stablecoin payments. The company has partnered with major industry players, including OKX, Nuvei, Circle, and Paxos, to create a seamless infrastructure that allows consumers to spend stablecoins at any location where Mastercard is accepted. This initiative, announced on April 28, 2025, provides a comprehensive 360-degree stablecoin ecosystem that includes wallet integration, card issuance, merchant settlement, and cross-border remittance.

Jorn Lambert, Mastercard’s Chief Product Officer, emphasized the importance of unlocking the potential for stablecoins to offer people and businesses the freedom and choice they deserve in how to pay, as well as to help shape the future of money. The OKX Card, a key component of this initiative, connects OKX’s Web3 and trading technology infrastructure directly to Mastercard’s vast network of merchants. This enables users to spend the value they hold in stablecoin assets in their wallets at over 150 million merchant locations worldwide.

Mastercard’s partnership with Nuvei and Circle will also enable merchants to receive payment settlements in stablecoins, such as USDC, regardless of the payment method used by customers. This model provides companies with new flexibility and reduces their reliance on traditional banking systems. Additionally, Mastercard’s support for services such as MetaMask, Kraken, Gemini, Bybit, Crypto.com, and Binance allows users to earn rewards, make payments, and spend using traditional cards in stablecoin. Users will also be able to withdraw stablecoins directly to a bank account, removing a long-standing barrier between crypto assets and fiat systems.

Mastercard has introduced a crypto-based alternative to traditional cross-border payment systems. This solution eliminates the need for long and complex wallet addresses, replacing them with short and verified usernames. This allows users of platforms like Coin.ph and Mercado Bitcoin to carry out digital asset transactions more securely. The Multi-Token Network (MTN) links deposit accounts to tokenized assets, providing partners like Ondo Finance with access to real-world tokenized instruments. The MTN, backed by financial heavyweights such as JPMorgan Chase and Standard Chartered, is expected to transform real-time settlement across currencies and markets.

Despite the strong momentum, Mastercard still faces challenges in achieving widespread adoption of stablecoin settlements. Merchants remain cautious due to concerns about fraud, regulatory uncertainty, and the technical barriers of integrating new systems into existing payment flows. The potential of stablecoin payments is growing in recognition, but mainstream adoption will depend on a simple and easy user interface. Consumers are unlikely to change their settled habits unless a new system is not only better but also easier to use.

Mastercard’s aggressive approach indicates the company’s bullish outlook on the potential for stablecoins to bridge traditional finance and the new digital economy. As regulatory regimes like the GENIUS Act are replicated elsewhere, stablecoin payments may become a widespread feature of consumers’ day-to-day transactional experience. Mastercard’s latest moves show that the company is not just responding to the future of payments but is actively shaping it.