Credit card company Mastercard has partnered with payment processor Nuvei and payment technology company Circle to allow merchants to receive payments in stablecoins, according to an official press release dated April 28th.
Mastercard already has key partnerships with crypto firms such as MetaMask, Kraken, Gemini, Bybit, Crypto.com, Binance, Monovate, and Bleap. These agreements allow consumers to interact with the crypto ecosystem, earn rewards, and spend stablecoins in crypto wallets using traditional cards. The company is also partnering with OKX to launch the OKX card.
This partnership will give merchants the option to receive payments in stablecoins regardless of how the consumer chooses to pay. Mastercard is working closely with Paxos as well to ensure this same service extends to Paxos-issued stablecoins.
“When it comes to blockchain and digital assets, the benefits for mainstream use cases are clear,” Chief Product Officer Jorn Lambert said in Mastercard’s press release.
“To realize its potential, we need to make it as easy for merchants to receive stablecoin payments and for consumers to use them. We believe in the potential of stablecoins to streamline payments and commerce across the value chain. Unlocking this is core to how we navigate the rapidly changing world, giving people and businesses the freedom they want by providing the choices they deserve.”
Other key solutions in digital assets provided by Mastercard include the Mastercard Crypto Credential, a technology that simplifies the process of users of crypto exchanges sending and receiving digital assets by using simple and trusted usernames.
