Mastercard, one of the world’s leading payment processing companies, has introduced a comprehensive suite of tools aimed at transforming stablecoins into a functional part of everyday payments.
Announced this week, the global payments leader unveiled what it calls a “360-degree” approach—an integrated system that allows consumers and businesses to use stablecoins from digital wallets to point-of-sale checkouts.
The rollout highlights new partnerships with major cryptocurrency players including OKX, Nuvei, Circle, and Paxos.
Together, these companies are building an infrastructure that enables stablecoin use for spending, receiving, and converting funds, with minimal friction. Mastercard says the system is meant to give users the freedom to remain in crypto until the very moment they spend.
Through this initiative, Mastercard intends to bridge the gap between digital assets and traditional finance. Its capabilities include enabling crypto rewards through platforms like MetaMask and Kraken, issuing cards for stablecoin transactions, and supporting bank account withdrawals using Mastercard Move.
The Chief Product Officer at Mastercard, Jorn Lambert, explained, “We believe in the potential of stablecoins to streamline payments and commerce across the value chain”. He described the system as a practical step toward integrating digital assets into daily financial activity.
The new platform allows people to spend stablecoins at over 150 million merchant locations worldwide.
Simultaneously, it gives merchants the ability to receive these payments, regardless of how the customer pays, ensuring smoother and quicker settlements—especially vital for businesses dealing with international transactions.
Strategic partnerships lead the way
A central element of Mastercard’s strategy is its collaboration with leading crypto organisations. One of the standout features is the launch of the OKX Card, developed in partnership with the crypto exchange OKX.
This card allows users to spend stablecoins across the Mastercard network without needing to convert them into fiat first. “This is a significant step toward integrating stablecoins into daily transactions,” said OKX’s Chief Marketing Officer, Haider Rafique.
The card is designed to offer everyday utility—users can buy groceries, pay bills, or shop online using their digital assets. Mastercard describes this as a “360-degree approach”, benefiting both consumers and merchants.
Alongside OKX, Mastercard has partnered with Circle, the issuer of $USDC—the world’s second-largest stablecoin—and Paxos, another key player in the sector. These collaborations are part of a wider move to enable direct merchant payments in stablecoins like $USDC.
Merchants can now be paid in stablecoins no matter what method the buyer uses. Mastercard’s tie-up with payment processor Nuvei supports this direct integration, simplifying cross-border payments and offering faster settlement times.
Mastercard is also working closely with wallet providers such as MetaMask, Kraken, and Argent. These partnerships are focused on enabling crypto payments through self-custody wallets.
The new MetaMask card, for instance, will let users make purchases directly from their wallets using smart contracts, with transactions completing in under five seconds.
Mastercard previously partnered with exchanges like Binance, Crypto.com, and Gemini for similar initiatives.
The rollout is timely. According to data shared by Mastercard, the stablecoin market has grown more than 54% over the past year and is now worth approximately $239 billion. Coins like $USDT (Tether) and $USDC make up about 90% of that market.
A report by Citigroup projects that stablecoins could reach a total market value of $3.7 trillion by 2030, driven by rising institutional interest and clearer regulation.
Stablecoins gain ground amid regulatory shifts
Mastercard’s stablecoin system emerges at a moment of shifting regulatory landscapes and rising market confidence in digital assets.
In the United States, lawmakers are currently reviewing legislation to regulate stablecoins, including the bipartisan GENIUS Act, which may accelerate mainstream adoption.
Standard Chartered Bank has predicted that the stablecoin market could increase tenfold to reach $2 trillion in the next three years.
According to analysts at the bank, the introduction of clear legislation would “legitimise the stablecoin industry” and have a significant impact on global liquidity and demand for US Treasuries.
JPMorgan analysts also estimate that if the stablecoin market grows to between $500 billion and $750 billion, issuers could become one of the top holders of US Treasury bills. This would indicate a major shift, not just in digital payments, but in traditional financial ecosystems as well.
While Mastercard expands its stablecoin capabilities, the broader stablecoin sector continues to evolve. Tether’s $USDT remains the dominant player, holding about 66% of the market, according to a recent report by Web3 research firm Nansen. $USDC follows with around 28% of market share.
Ethena’s USDe, though much smaller, has begun gaining traction with its high-yield offerings, especially within decentralised finance platforms.
The Nansen report highlights a key trend: user preferences are driven more by liquidity and perceived safety than by yield. “Users are clearly expressing that they do not necessarily care about the yield. They simply want access to the most liquid and least-likely-to-depeg stablecoin out there”, the report stated.
Tether’s profitability underscores this trust. In 2024 alone, it reportedly earned nearly $14 billion by investing reserves into liquid, interest-bearing assets like US Treasury bills.
Its dominance, however, is increasingly being challenged by the growing trust in $USDC, especially following the election of US President Donald Trump, whose administration has shown a more favourable stance toward crypto regulation.
Despite its leadership, Tether faces mounting scrutiny. Custodia Bank CEO, Caitlin Long, recently accused the U.S. Federal Reserve of bias towards permissioned stablecoins issued by major financial institutions.
In a lengthy statement posted online, Long argued that existing regulations unfairly disadvantage independent stablecoin issuers. “The Fed has maintained a regulatory preference for permissioned stablecoins”, she stated.
She urged Congress to accelerate efforts to pass stablecoin-specific legislation to level the playing field.
Meanwhile, more traditional financial players are entering the sector. PayPal launched its stablecoin $PYUSD in 2023, and Stripe is developing its own product following its acquisition of the stablecoin platform Bridge. These moves further signal the merging of digital assets with traditional finance, a space Mastercard is now actively helping to shape.
Looking ahead, Mastercard’s approach sets a clear example of how stablecoins might transition from speculative tools to everyday financial instruments. With collaborations across wallets, exchanges, and merchants, and backed by increasing regulatory clarity, the company is positioning itself at the centre of the digital payments future.
As Lambert put it, “Unlocking this is core to how we navigate the rapidly changing world, giving people and businesses the freedom they want by providing the choices they deserve”.
Whether this sweeping initiative will establish Mastercard as the go-to platform for stablecoin transactions remains to be seen. But for now, the infrastructure is in place—and the global market is watching.
