Mastercard Partners with Circle and OKX to Enable Stablecoin Payments Across 150M Merchants

Mastercard is deepening its commitment to cryptocurrency integration, announcing a major move to enable transactions in stablecoins through partnerships with crypto exchange OKX and payments firm Nuvei.

The payments giant revealed on Monday that it is building a full-stack ecosystem where consumers can spend their stablecoins via Mastercard-linked cards, while merchants will be able to accept digital currencies directly at the point of sale.

OKX and Mastercard will jointly launch a new payment card, and Nuvei, working alongside fintech firm Circle, will support the necessary infrastructure for merchant acceptance.

“We believe in the potential of stablecoins to streamline payments and commerce across the value chain,” said Jorn Lambert, Chief Product Officer at Mastercard. “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.”

Stablecoins — digital assets typically pegged to the U.S. dollar or other traditional currencies — are increasingly seen as a bridge between the crypto economy and traditional finance, offering price stability while enabling faster and cheaper transactions.

Mastercard’s move comes as governments and regulators intensify their focus on stablecoin oversight, with two major pieces of U.S. legislation currently under discussion.

In parallel, Mastercard continues to invest in blockchain initiatives. During its Q1 earnings call, CEO Michael Miebach said the company was helping banks explore the use of smart contracts for central bank digital currencies (CBDCs), underscoring its broader strategy to support innovation in digital assets.

Over the past few years, Mastercard has formed partnerships with major crypto exchanges including Crypto.com, Bybit, Binance, and Kraken, and has collaborated with payment service providers like Monavate and Bleap. The company’s goal is to allow users to spend stablecoins and earn rewards at over 150 million merchant locations worldwide that accept Mastercard.

The announcement also comes amid a shifting regulatory landscape. Earlier this month, the U.S. Securities and Exchange Commission clarified that certain dollar-pegged stablecoins would not be classified as securities, although it left open questions regarding yield-bearing and algorithmic stablecoins — a space still rife with regulatory uncertainty.