This initiative allows stablecoin transactions to be accepted at over 150 million merchants worldwide.
The collaboration will leverage infrastructure from Iron, a stablecoin payment platform that MoonPay acquired in March. All stablecoin transactions will be automatically converted into fiat currency, ensuring smooth compatibility with current payment systems.
Stablecoins, typically pegged to fiat currencies like the U.S. dollar, offer price stability along with the speed and transparency of blockchain technology. Their growing popularity continues, even amid regulatory ambiguity—especially around algorithmic and yield-bearing variants.
This new initiative is part of Mastercard's broader strategy to integrate blockchain solutions into traditional finance. The company has also partnered recently with Circle, OKX, and Nuvei to expand stablecoin adoption. In April, Mastercard and Circle announced a collaboration aimed at enhancing payment systems with end-to-end stablecoin acceptance.
Other financial giants such as Visa, PayPal, and Stripe are also deepening their presence in the digital asset space. Visa, for example, was one of the first to process transactions in USDC and now offers stablecoin-based debit cards.
The U.S. Securities and Exchange Commission recently clarified that certain "Covered Stablecoins"—backed 1:1 by the U.S. dollar and low-risk assets—are not considered securities. Despite regulatory gray areas, market growth has been significant.
From February 2024 to February 2025, stablecoins facilitated $35 trillion in transactions, surpassing Visa’s $15.7 trillion in annual volume. The total supply of stablecoins now stands at $214 billion, with monthly volumes increasing from $1.9 trillion to $4.1 trillion, according to Dune’s State of Stablecoins 2025 report.
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