On April 28, Mastercard announced a partnership with the OKX crypto exchange and Canadian payments processor Nuvei, which will “unlock a 360-degree approach where consumers can spend stablecoins and merchants can receive them.”

The firm described the new technology as having “global end-to-end stablecoin acceptance and payments capabilities,” and cited “increasing global regulatory clarity” for stablecoins.

Mastercard’s “integrated, 360-degree approach” includes partnerships with several leading crypto platforms, including MetaMask, Kraken, Gemini, Bybit, Crypto.com, and Binance.

Global Stablecoin Payments

The firm claims that users will be able to pay with and spend the stablecoins in their crypto wallets via traditional cards at over 150 million merchant locations worldwide that accept Mastercard.

On the merchant side, Mastercard is working with Nuvei and Circle to enable merchants to accept Circle’s USDC stablecoin.

Today, we announced our end-to-end capabilities to support stablecoins, ensuring payments can be made or received using them anytime, anywhere. Alongside proven leaders across Web3, finance and fintech, we’re empowering consumers and businesses to use stablecoins as easily as… pic.twitter.com/6uSpMlNK9z

The credit giant also has the Mastercard Multi-Token Network (MTN), which it claims helps enable real-time payments and redemptions, while allowing partners like Ondo Finance to leverage on-chain tokenized assets. JPMorgan and Standard Chartered are connected to MTN today, it added.

“To realize its potential, we need to make it as easy for merchants to receive stablecoin payments and for consumers to use them,” said Jorn Lambert, chief product officer at Mastercard. Unlocking the potential of stablecoins to streamline payments is “core to how we navigate the rapidly changing world,” he added.

Haider Rafique, chief marketing officer at OKX, said, “Our strategic partnership with Mastercard to launch the OKX Card reflects our commitment to making digital finance more accessible, practical, and relevant to everyday life.”

Mastercard launched a self-custodial crypto payments card in Europe in September 2024.

MetaMask Launches New Card

On April 28, decentralized crypto wallet MetaMask announced a new “Metal Payment Card” in partnership with fintech firms CompoSecure and Baanx.

The card, backed by Mastercard’s global network, enables direct spending from MetaMask self-custody wallets with no pre-loading funds or converting crypto to fiat before spending.

Transactions are verified via smart contract in under five seconds, and it operates on the Linea network, which is secured by Ethereum.

“For too long, crypto users have been locked out of everyday finance,” said Ale Machado, Product Manager at MetaMask. “The MetaMask Card changes that. It allows millions of users worldwide to finally bridge the gap between the blockchain and the real world without sacrificing control or security,” he added.

There is currently a waiting list for the card, and it is only available in certain countries.