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Mastercard Expands Stablecoin Settlements with Nuvei and Circle

Mastercard announced that it will allow merchants to accept payments and settle transactions in stablecoins such as Circle’s USD Coin (USDC). The expansion marks another step for the company to strengthen the integration of cryptocurrencies into its payments network, as regulation of the sector grows in several countries.

To make this operation possible, Mastercard has joined forces with payment processor Nuvei and digital currency issuers Circle and Paxos. The news comes amid the progress of a bill called the “Genius Act,” which was recently passed by a United States Senate committee, which aims to establish clear guidelines for stablecoins. According to Standard Chartered Bank, the global stablecoin market could reach $2 trillion in the next three years with proper regulation.

In the official statement, Mastercard said: “With increasing global regulatory clarity, stablecoins are evolving from crypto trading tools to essential solutions that bring efficiency and programmability to payments, distribution and remittances