Mastercard collaborates with OKX to launch "OKX Card" for seamless stablecoin payments
Mastercard partners with OKX to launch "OKX Card"
Mastercard is deepening its involvement in the digital asset economy with a new global initiative to streamline stablecoin transactions, the company announced Monday.
Key Takeaways
- Mastercard expands global stablecoin payment capabilities across its merchant network.
- OKX Card will link crypto trading with everyday spending via Mastercard’s system.
- Partnerships with Circle, Nuvei, and Paxos will enable direct merchant settlements in stablecoins.
- Mastercard's initiative covers wallet support, card issuance, merchant payments, and on-chain remittances.
In partnership with crypto exchange OKX, Mastercard is launching the "OKX Card," linking crypto trading and Web3 activities to its extensive merchant network.
This initiative enables merchants to settle payments directly in stablecoins such as Circle’s USDC, with additional support for assets like Paxos' USDP. Collaborations with Circle, Nuvei, and Paxos are central to this expansion, aiming to make stablecoin transactions as seamless as traditional fiat payments. Mastercard’s Chief Product Officer, Jorn Lambert, emphasized the significance of simplifying blockchain payments to unlock the technology’s mainstream potential.
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Stablecoins moving beyond trading platforms
Stablecoins, pegged to assets like the U.S. dollar, have increasingly moved from niche trading venues into everyday commerce. Mastercard’s new capabilities span the full payment chain—from wallet integration and card issuance to merchant settlement and on-chain remittances. This marks a step forward from its earlier crypto initiatives, such as partnerships with Kraken, Binance, and Crypto.com to facilitate stablecoin card payments.
OKX exchange trade volume. Source: СoinGecko.
Additionally, Mastercard’s previous innovations, including the Crypto Credential service and its Multi-Token Network (MTN), set a foundation for secure, real-time digital asset transactions and tokenized asset settlements. In February, Ondo Finance became the first provider to bring real-world assets onto the MTN platform.
Outlook for stablecoin payments
Mastercard’s expansion into stablecoin infrastructure reflects a broader trend of financial giants embracing blockchain for mainstream financial services. As adoption grows, initiatives like these may pave the way for faster, more inclusive payment systems worldwide.
Read also: Coinbase unveils Bitcoin yield fund targeting 4-8% returns for international investors
