Mastercard is intensifying its push into the digital asset sector with the launch of an expanded suite of global stablecoin payment capabilities, the company announced on Monday, April 28. In collaboration with major players like OKX, Circle, Paxos, and Nuvei, Mastercard aims to make stablecoin transactions as seamless and reliable as traditional payments.
A cornerstone of the initiative is the upcoming release of the OKX Card, which integrates crypto wallets and Web3 functionalities into everyday spending. The new card will allow users to directly connect their crypto balances to Mastercard’s global merchant network, offering a bridge between digital assets and conventional commerce.
At the same time, Mastercard is working with Circle and payment platform Nuvei to enable merchants to accept and settle payments in USDC - Circle’s dollar-pegged stablecoin - rather than converting to fiat currencies. Paxos will extend support to other stablecoins like USDP, providing broader interoperability for future partners and platforms.
“The benefits of blockchain and digital assets for mainstream commerce are clear,” said Jorn Lambert, Chief Product Officer at Mastercard. “To unlock stablecoins’ full potential, we must make it as easy for merchants to accept them as it is for consumers to spend them. Providing these choices is essential for the future of payments,” he added.
Mastercard’s enhanced offering covers the entire stablecoin transaction cycle - from wallet enablement and card issuance to on-chain settlement and global remittances. The new capabilities build on Mastercard’s previous digital asset initiatives. The company has already partnered with major crypto exchanges like Binance, Kraken, and Crypto.com to allow stablecoin payments through Mastercard-branded debit and credit cards.
In 2023, Mastercard introduced Crypto Credential, a service designed to simplify digital asset transactions by replacing complex wallet addresses with verified user identifiers. It also launched the Multi-Token Network (MTN), a framework intended to streamline the real-time settlement and redemption of tokenized assets.
Mastercard’s latest expansion signals a strategic bet that regulated stablecoins could become a foundational element of the future payments ecosystem. The move reflects a broader trend among traditional financial institutions recognizing the potential of stablecoins and blockchain technology to enhance payment speed, reduce costs, and facilitate financial inclusion globally.
Mastercard’s announcement also arrives as competition intensifies in the crypto payments sector. The Sui blockchain, a Layer 1 network developed by Mysten Labs, revealed plans for a virtual Mastercard integration through a collaboration with xPortal’s non-custodial wallet and xMoney’s licensed payment gateway. The integration allows users to instantly spend SUI tokens at over 20,000 merchants across Europe.
Sui’s payment solution is set to debut physically with a card launch by late 2025 and plans for U.S. market expansion. The announcement was strategically timed ahead of Sui’s Basecamp developer conference scheduled for May 1–2.