Mastercard Expands Stablecoin Use With Comprehensive Payment Approach

Mastercard is increasing its focus on stablecoins by launching new global payment solutions. It said stablecoins are no longer just for crypto trading, but are becoming useful for improving payments, sending money, and financial services.

According to the company, many banks and fintech companies are starting to use stablecoin-based systems. However, Mastercard believes that to make stablecoins widely used, they must be simple to use, easy to connect with current financial systems, and offer a smooth experience for users.

Mastercard Created A Plan To Make Stablecoins Usable Like Regular Bank Money

To solve this, Mastercard has created an all-in-one plan to help people and businesses use stablecoins just like regular money from their bank accounts.

The company has teamed up with crypto platforms like MetaMask, Gemini, Kraken, Crypto.com, Bybit, and Binance to support wallets, issue cards, and accept payments. It is now partnering with OKX to roll out the OKX Card, which will make it easier for millions of users to access their funds.

Mastercard is also working with Circle and Nuvei so businesses can choose to get paid in stablecoins like USDC, no matter the Customer’s payment choice. The firm already allows this with stablecoins issued by Paxos.

Jorn Lambert, Mastercard’s Chief Product Officer, noted that blockchain and digital assets can be useful in everyday situations. He explained that it should be easy for both businesses to accept stablecoin payments and for users to spend them. He added that the team sees stablecoins as a way to improve payments and business operations.

Mastercard recently named Kelly Devine as the new Regional President for Europe. She replaces Mark Barnett, who will now take charge of the company’s global efforts to support small businesses, which is an important part of Mastercard’s growth plans.

Kraken Partnered With Mastercard To Allow Crypto Spending At Over 150 Million Stores

Kelly Devine is returning to Mastercard after working as Customer Director at Dunelm, a large UK retailer. Before that, she served at Mastercard for nine years and was last responsible for the UK and Ireland operations, helping the company grow its relationships with both merchants and customers.

Ling Hai, President of APMEA at Mastercard, said the team is excited to have Devine back. He noted that she has a strong track record of building partnerships based on shared success and innovation.

Earlier this month, Crypto exchange Kraken joined forces with Mastercard to let customers across the UK and Europe use their cryptocurrencies to pay at over 150 million stores globally. This partnership will bring new debit cards, both physical and digital, allowing users to spend crypto and stablecoins wherever Mastercard is accepted.

Kraken’s co-Chief Executive Officer, David Ripley, stated that the customers want to use crypto for everyday purchases and the Mastercard partnership is an important step toward that goal.

This alliance builds on the recent launch of Kraken Pay, a feature that supports fast, international payments in over 300 digital currencies and traditional currencies. In just 90 days, more than 200,000 users have joined and started sending money worldwide.