Mastercard teams up with OKX, Nuvei for merchant stablecoin payments

Mastercard has struck a partnership with OKX and Nuvei to expand stablecoin offerings around the world. This new service will allow for more merchant stablecoin payments, where businesses can access stablecoins to facilitate payments around the world.

This system will enable customers to spend stablecoins while giving merchants the option to receive them, according to Mastercard. This change will make using stablecoins simpler, faster, and more useful in daily life.

Stablecoins are digital currencies that keep their value steady. They usually match the value of fiat currencies like the Nigerian Naira, US dollar, or European Euro so their prices don’t go up and down like Bitcoin or Ethereum. Because stablecoins offer the speed and flexibility of crypto and the steady value of fiat currencies, they are used to pay for things, save money, and send funds quickly.

Between January 2024 and March 25, 2025, the total value of all stablecoins grew from about $134 billion to nearly $239 billion. In January alone, the market grew by 2.45%, and by the end of 2024, it had risen by 63%, reaching a total supply of $225 billion.

In February 2025, the amount of stablecoins in circulation went up by nearly $17 billion, jumping from $194.2 billion to $211.2 billion. The daily growth rate also rose from $400 million per day in January to $541 million in February.

People are using stablecoins more than ever. In 2024, the total value of stablecoin transfers hit $27.6 trillion, more than Visa and Mastercard combined. In December 2024 alone, transfer volume reached $5.1 trillion, and by February 2025, it was still high at $4.1 trillion.

This significant growth has caught the attention of major financial companies like Mastercard. They’ve observed that stablecoins are no longer limited to crypto trading; they now facilitate real-world payments, cross-border transfers, and business transactions.

Mastercard has partnered with companies like MetaMask, Binance, Kraken, and Crypto.com to offer cards that let people earn rewards, make purchases, and spend stablecoins at over 150 million places worldwide.

Mastercard is also working with OKX to launch a new OKX Card so users can spend their digital money in everyday life while also exploring Web3 tools. Businesses that use Mastercard can now receive payments in stablecoins like USDC even if customers pay in another way. Partners like Circle, Nuvei, and Paxos are helping make this possible.

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According to Mastercard’s product chief, Jorn Lambert, blockchain and digital assets already bring real benefits to everyday life, and for these tools to reach their full power, people need to be able to spend stablecoins easily, and businesses need to be able to accept them without stress. 

OKX is finding new ways to use digital assets, said Haider Rafique, who leads marketing at OKX. By working with Mastercard to launch the OKX Card, OKX is showing its plan to make digital money more useful and easier for people to use in daily life.

Nuvei enables businesses to process payments safely and easily. Partnering with Mastercard and Circle, CEO Phil Fayer stated that the company is using the latest technology to help shops and online sellers accept payments more quickly and securely, bridging traditional finance with the digital age.

Ale Machado from MetaMask stated that they aim to make accessing the Web3 world seamless while ensuring individuals retain control of their finances. By collaborating with Mastercard, MetaMask facilitates connections to stablecoins and digital platforms, right up to the point of spending.

Mark Greenberg from Kraken noted that cryptocurrency is rapidly becoming a mainstream payment method. He explained that Kraken is committed to accelerating this transition, with partnering with Mastercard being a key step in making crypto practically useful worldwide.