Global financial services giant Mastercard is launching support for stablecoin payments across its network under new partnerships.

In a press release, Mastercard says it is teaming up with crypto exchange OKX and payments processor Nuvei for customers and merchants to spend and receive stablecoins.

Mastercard is also partnering with USDC stablecoin issuer Circle as well as stablecoin issuer Paxos to allow its consumers to settle transactions using the two companies’ digital assets.

Says Jorn Lambert, chief product officer at Mastercard,

“When it comes to blockchain and digital assets, the benefits for mainstream use cases are clear. 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.”

Stablecoins are cryptocurrencies that are pegged to the value of another asset, such as a fiat currency like the US dollar.

Mastercard’s partnership with OKX includes the planned issuance of a crypto-enabled bank card, the “OKX Card.”

According to ARK Invest data, the annualized transaction value of stablecoins is steadily increasing and hit $15.6 trillion in 2024, “roughly 119% and 200% that of Visa and Mastercard, respectively.”

The total market cap of stablecoins is valued at $244.6 million.

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