Payment giant Mastercard is taking action to allow consumers to use stablecoins for purchases and enable merchants to accept payments in stablecoins. In a press release issued on Monday, it stated: "To allow consumers and businesses to use stablecoins as conveniently as funds in a bank account, Mastercard is providing an integrated, comprehensive solution. Consumers will be able to earn rewards, pay, and use stablecoins in their crypto wallets at over 150 million merchants worldwide that accept Mastercard, and they can also withdraw stablecoins to their bank accounts using Mastercard Move."
Mastercard stated that, in addition to issuing cards in partnership with the cryptocurrency exchange OK, it is also closely collaborating with stablecoin issuers Circle and Paxos to enable merchants to receive payments in stablecoins.