Payment giant Mastercard has launched a major initiative to promote the everyday use of stablecoins.
According to the announcement, users will be able to pay with stablecoins stored in their crypto wallets at over 150 million merchants that accept Mastercard worldwide. Additionally, users will be able to easily transfer stablecoin balances to their bank accounts via the Mastercard Move app.
To offer this service, the company will issue a special card in partnership with OKX and will also collaborate closely with major stablecoin issuers like Circle and Paxos to increase stablecoin acceptance.
As the total stablecoin market supply surpasses $230 billion, analysts project that transaction volumes in this space could reach trillions of dollars in the coming years. In the first half of 2024 alone, the total value of stablecoin transactions exceeded $5.1 trillion, further highlighting the significance of Mastercard’s move.
With the U.S. Congress considering new regulations to support stablecoin usage and major banks preparing to enter the sector, Mastercard’s initiative could play a crucial role in bridging the traditional finance world with the crypto economy.
