Mastercard Jumps Into Stablecoin Trend With New Crypto Payment Offering
Summary
Mastercard will allow clients to execute transactions in stablecoins, partnering with crypto exchange OKX and payments processor Nuvei to create an ecosystem for spending crypto via cards and accepting it at merchants. A new card will be launched for stablecoin holders, with Nuvei and fintech Circle providing the necessary infrastructure for merchants. Mastercard aims to enable users to earn rewards and spend stablecoins at 150 million locations. Stablecoins, pegged to stable assets like the US dollar, are increasingly relevant amid ongoing legislative discussions and recent SEC guidance indicating some dollar-pegged tokens are not considered securities. The SEC has not clarified its stance on yield-bearing and algorithmic stablecoins.
