Visa is searching for a new stablecoin settlement and over-the-counter partner with cryptocurrency exchange licenses in the U.S., Canada, UK, and Singapore following Mastercard's acquisition of BVNK, the payments firm Visa had previously been working with.
Mastercard has finalized its acquisition of BVNK, a London-based cryptocurrency infrastructure platform and Ripple partner, for $1.5 billion plus $300 million in earnouts. The deal expands Mastercard's capabilities in the stablecoin payments market, adding BVNK's infrastructure that processes $30 billion in annual stablecoin volume across 130 countries.
Global payments provider MiFinity has launched PayAnyCoin, a stablecoin-based enterprise payout service built on BVNK infrastructure, as new data shows embedded digital dollar wallet volume surging 263x year-over-year with payment service providers overtaking trading as the largest customer segment.
Diaspora remittance platform LemFi is transitioning its cross-border settlement operations to stablecoin rails through a partnership with BVNK, replacing traditional multi-day correspondent banking with near-instant, lower-cost settlement.
