PANews reported on April 29 that according to The Block, payment giant Mastercard is taking action to allow consumers to spend in stablecoins and merchants to receive payments in stablecoins. In a press release issued on Monday, it stated: "In order to enable consumers and businesses to use stablecoins as easily as using funds in their bank accounts, Mastercard is providing an integrated, comprehensive solution. Consumers will be able to earn rewards, pay and use stablecoins in crypto wallets through traditional bank cards at more than 150 million merchants around the world that accept Mastercard, and can also use Mastercard Move to withdraw stablecoins to their bank accounts."
In addition to partnering with crypto exchange OKX to issue the card, Mastercard said it is also working closely with stablecoin issuers Circle and Paxos to enable merchants to receive payments in stablecoins.
