Jorn Lambert, Mastercard’s Chief Product Officer, described the initiative as a “360-degree approach” that enables consumers to spend stablecoins while allowing merchants to accept them with ease.

150 Million Merchants Can Now Accept Stablecoins

The stablecoin market has surged in the past year, reaching a total value of over $230 billion, a 54% increase year-over-year. USDT (Tether) and USDC (Circle) dominate around 90% of the market.

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According to a report by Artemis and Dune, active stablecoin wallets have grown by over 50% in the past 12 months. Investment bank Citigroup predicted in an April 23 report that the market could hit $3.7 trillion by 2030 due to regulatory clarity and growing institutional interest.

Partnerships With OKX and MetaMask Strengthen Card Utility

Beyond enabling merchants to receive stablecoins, Mastercard is also helping users spend them in the real world. The company launched the OKX Card in partnership with crypto exchange OKX, enabling seamless spending of digital assets.

On the same day, MetaMask and Mastercard revealed a crypto card that lets users make self-custodied payments via smart contracts, with transaction speeds under five seconds.

Mastercard has previously collaborated with Binance, Kraken, and Crypto.com on similar crypto-enabled debit card products.

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