Mastercard plans to integrate stablecoins into global payment network

PANews reported on April 29 that according to The Block, payment giant Mastercard is taking action to allow consumers to spend on stablecoins and allow merchants to use stablecoins to receive payments. "To enable consumers and businesses to use stablecoins as easily as they use funds in their bank accounts, Mastercard is offering an integrated and all-round solution. Consumers will be able to earn rewards, pay and use stablecoins from traditional bank cards through traditional bank cards, and withdraw stablecoins to their own bank accounts using Mastercard Move," it said in a press release on Monday.

Mastercard said it is working closely with stablecoin issuers Circle and Paxos to enable merchants to receive payments in stablecoins, in addition to partnering with crypto exchange OKX.