Mastercard Unveils End-to-End Stablecoin Capabilities, Launches OKX Card
Author: Helen Brown | Edited by: Cheyenne Ligon April 28, 2025, 4:00 PM
Mastercard announced Monday that it is expanding its presence in the digital asset space, launching new global capabilities to support stablecoin payments across its extensive merchant network.
The payments giant is partnering with crypto exchange OKX to create the “OKX Card,” which is designed to bridge the gap between crypto trading and Web3 spending. Merchants will soon be able to transact directly in stablecoins like Circle’s USDC, thanks to a partnership with Nuvei and Circle. Paxos will help expand this functionality to other supported stablecoins, like USDP.
“The benefits of blockchain and digital assets for key use cases are clear,” said Jorn Lambert, Chief Product Officer at Mastercard. “To realize its potential, we need to make it easier for merchants to receive payments in stablecoins and for consumers to use them. We believe in the potential of stablecoins to streamline payments and commerce across the value chain. Delivering on this is at the core of our approach to a rapidly changing world, giving people and businesses the freedom they want and the choice they deserve,” he added.
Stablecoins, which are cryptocurrencies pegged to stable assets such as the US dollar, are gradually moving beyond trading platforms and becoming a means of mass payments.
Mastercard’s initiative covers a wide range of stablecoin applications, including wallet support, card issuance, merchant settlement, and remittances. The company has previously partnered with crypto exchanges like Kraken, Binance, and Crypto.com to allow users to pay with stablecoins using traditional cards.
Last year, the company introduced Mastercard Crypto Credential, a service designed to make it easier to send digital assets across borders using verified usernames rather than complex wallet addresses.
In 2023, Mastercard launched its Multi-Token Network (MTN), which is used to facilitate real-time settlements and redemptions of tokenized assets.
In February, Ondo Finance became the first provider to introduce real assets to the network.
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