Mastercard has announced that it will enable merchants in its network to accept payments in stablecoins through a partnership with payment processor Nuvei and stablecoin issuers Circle and Paxos.
This initiative enables 150 million merchants to receive payments in stablecoins, regardless of the customer's payment method, Mastercard announced April 28.
In addition, Mastercard has partnered with crypto exchange OKX to offer a cryptocurrency-enabled bank card.
Jorn Lambert, Mastercard's chief product officer, described this as a "360-degree approach" that allows consumers to spend stablecoins while merchants receive them.