Latest news with #BVNK
Business Times
10-08-2025
- Business
- Business Times
Stablecoin growth is hampered by nagging foreign exchange costs
[MUMBAI] Even as stablecoins enter a period of peak expectations, veterans in wider fintech circles see limitations to the tokens as an emerging payments tool. Stablecoin transaction volumes have already hit US$5 trillion across one billion payments so far in 2025, not far shy of the 2024 total of US$5.7 trillion, according to data from Visa and Allium. The combined value of these cryptocurrencies – designed to closely track the price of established currencies like the US dollar – has grown 47 per cent to US$255 billion since US President's Donald Trump's election win in November 2024. The promise of stablecoins is a faster, cheaper and more efficient future for payments, in particular those crisscrossing international borders. Based on the numbers, that potential is beginning to be realised, but doubts remain over whether the technology can resolve the same issues that have for decades plagued the business of foreign exchange (FX). Using stablecoins to exchange one fiat currency for another – euros to Hong Kong dollars, for instance – incurs many of the same costs as a normal conversion. 'In crypto, there's a belief that code and tech will solve everything. That's naive when it comes to FX,' said Mike Robertson, chief executive of FX infrastructure firm AbbeyCross. 'Each currency has its own dynamics. And most banks and payment providers make money on FX, not fees.' FX costs typically cover bid-ask spreads, conversion fees, intermediary charges and slippage. They apply even in cross-border crypto transactions and can be especially acute during on and off-ramping, undermining the low-cost claims of stablecoin evangelists. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Much of the growth in stablecoin payment volumes can be attributed to two use cases: simplifying transactions spanning countries that aren't well-connected by incumbent players and payouts in emerging markets. BVNK, a startup specialising in stablecoin payments infrastructure, pays little mind to corridors involving the pound and the US dollar. Instead, it's focusing on 'exotic' corridors, such as Sri Lanka to Cambodia, according to Sagar Sarbhai, managing director for Asia-Pacific at BVNK. 'That route would usually require multiple intermediaries. It's expensive and slow. Stablecoins simplify it. They may not be cheap yet, but they're faster and more capital-efficient,' he said. Today, BVNK handles about US$15 billion in annual volume. And it isn't the only startup focused on helping corporates to deal in stablecoins. Conduit pivoted into stablecoin payments after a gruelling period for the crypto industry in 2022. The startup began using stablecoins to allow users to send money via local systems like Brazil's Pix and receive it through Single Euro Payments Area, an equivalent system in Europe. Today, it's processing US$10 billion annually, according to CEO Kirill Gertman. Singapore-based Thunes and Canada's Aquanow are also trying to work with stablecoin issuers and corporates to streamline payments. 'The rise of stablecoins is a commercial opportunity,' said Floris de Kort, CEO of Thunes, which raised US$150 million in April. 'The infrastructure might change, but people still need last-mile delivery in local currencies and wallets.' All this may seem modest compared with the scale of established payments operators. Visa alone processed US$13.2 trillion in payments volume in 2024, according to its latest annual report. That's more than double total stablecoin-denominated volumes in the same period. But the rapid growth of the market has put payments giants on high alert. They are exploring so-called 'stablecoin sandwich' models: using stablecoins between two fiat currencies to bypass traditional banking networks – such as Swift – and settle transactions in minutes, with a focus on markets where dollar liquidity is scarce and legacy systems are slow. Visa in October 2024 unveiled a platform that would allow banks to mint, burn and transfer fiat-backed tokens, including tokenised deposits and stablecoins. The recent passage of the Genius Act in the US brings regulatory clarity in the world's biggest stablecoin market, paving the way for banks and payment providers to enter the space with more confidence. That in turn has sparked a scramble among global regulators to forge ahead with comparable regimes for stablecoin issuers. 'We're just starting to see the hockey-stick growth,' said BVNK's Sarbhai. 'What took five years to build may explode in the next 12 months.' BLOOMBERG
Yahoo
25-06-2025
- Business
- Yahoo
dLocal and BVNK collaborate to enable stablecoin-based global payouts
Cross-border payment platform dLocal and stablecoin payments infrastructure provider BVNK have partnered to facilitate stablecoin-based payouts globally. The collaboration will facilitate money movement across over 40 markets. Under the agreement, BVNK will supply dLocal with stablecoin payment rails to support quicker settlements for dLocal's global merchant base. In return, dLocal will provide BVNK access to its Layer1 platform's fiat payout rails, expanding BVNK's presence in emerging markets across Africa, Asia, and Latin America. This will enable customers to use stablecoins for cross-border payments, with funds delivered to recipients in local currencies, according to dLocal. dLocal CRO John O'Brien said: 'dLocal is constantly exploring ways to expand access and improve settlement times for our clients. 'By integrating BVNK's stablecoin capabilities, we can offer even faster, borderless payments - without compromising compliance or control.' The partnership builds on a relationship established in 2016, when dLocal began using stablecoin-based payments as one of the first global payment service providers. The collaboration connects blockchain-based value transfer with regulated fiat settlement systems across more than 40 markets. BVNK co-founder Chris Harmse said: 'With Layer1, we're building a programmable payments network that connects stablecoins with trusted local payout rails. 'By integrating leading providers like dLocal, we're unlocking seamless, compliant value transfer into some of the most complex markets in the world.' dLocal specialises in local payments in emerging markets, connecting global merchants with consumers in regions including APAC, the Middle East, Latin America, and Africa. BVNK provides stablecoin infrastructure for global financial services, holding licences in key jurisdictions and partnering with Tier 1 banks to process transactions for clients such as Worldpay, Deel, and dLocal. "dLocal and BVNK collaborate to enable stablecoin-based global payouts" was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Finextra
24-06-2025
- Business
- Finextra
DLocal partners BVNK for stablecoin payouts
DLocal (NASDAQ: DLO), the leading cross-border payment platform specializing in emerging markets and BVNK, the stablecoin payments infrastructure provider for global enterprises and PSPs, today announced a strategic partnership that enables faster, programmable, and more cost-effective money movement across 40+ markets. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. Through the dual partnership: ● BVNK will provide stablecoin payment rails to dLocal, allowing them to offer faster settlements to their global merchant base. ● dLocal will offer BVNK access to fiat payout rails via its Layer1 platform, expanding BVNK's emerging markets coverage in Africa, Asia and Latin America. Customers will be able to fund cross-border payments using stablecoins and have them delivered to recipients in local currencies - seamlessly, and at scale. 'dLocal is constantly exploring ways to expand access and improve settlement times for our clients,' said John O'Brien, CRO at dLocal. By integrating BVNK's stablecoin capabilities, we can offer even faster, borderless payments - without compromising compliance or control. 'With Layer1, we're building a programmable payments network that connects stablecoins with trusted local payout rails,' said Chris Harmse, Co-founder at BVNK. 'By integrating leading providers like dLocal, we're unlocking seamless, compliant value transfer into some of the most complex markets in the world.' A proven model for stablecoin-enabled payments The announcement builds on a relationship first established in 2022, when dLocal became one of the first global PSPs to implement stablecoin-based payments. What started as a treasury use case has since evolved into a broader model for merchant funding and global payouts. Together, the companies are building a new layer of financial interoperability - connecting blockchain-native value transfer with regulated, fiat-based local settlement rails across 40+ markets.
Finextra
19-06-2025
- Business
- Finextra
Visa says every institution that moves money will need a stablecoin strategy
Visa is upping it game in the stablecoin market, expanding its settlement capabilities in the Europe, Middle East, and Africa (CEMEA) region to enable USD cross-border transactions through blockchain technology. 1 This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. Stablecoin adoption is exploding, with $27 trillion in total transaction volume globally across 1.25 billion transactions in 2024, according to Visa analysis. Visa says the new initiative will help reduce settlement costs, enhance liquidity management, and support 365-day settlements, including weekends and holidays. The card scheme has been slowly building itts business in the nascent market. In 2023, Visa became one of the first major payments networks to settle transactions in stablecoin when it piloted enabling clients to fulfill their settlement obligations in USDC. To date, over $225 million in stablecoin volume has been settled through Visa across participating clients. Visa has since stepped up its investment in the market, taking a stake in stablecoin infrastructure platform BVNK and undertaking a partnership with Stripe-owned Bridge to help bring stablecoin-linked cards to more people in more places. The new issuing product will help fintech developers using Bridge offer stablecoin-linked Visa cards to their end customers in multiple countries through a single API integration. These cardholders will then be able to make everyday purchases from a stablecoin balance at any merchant location that accepts Visa. Godfrey Sullivan, Visa SVP and head of product and solution for CEMEA, comments: 'In 2025, we believe that every institution that moves money will need a stablecoin strategy. As more players in the payments ecosystem explore this powerful new technology, Visa stands ready to help our partners navigate the transformation, bringing the scale, trust and innovation needed to help build the next generation of global payments.' With momentum building, Visa has announced a partnership with pan-African fintech Yellow Card to explore stablecoin use cases and opportunities across markets where Yellow Card is licensed to operate to help streamline treasury operations and enhance liquidity management. The partnership is intended to test integration opportunities with Visa Direct to further investigate and expand cross-border payment options. Chris Maurice, co-founder and CEO of Yellow Card, says: 'Together with Visa, we're building a bridge between traditional finance and the future of money movement. We look forward to continuing to innovate new solutions that can transform how money moves for even more secure, efficient, and transparent payment solutions.'
Business Wire
18-06-2025
- Business
- Business Wire
Highnote Partners with BVNK to Launch 24x7 Real-Time Stablecoin Funding for Card Programs
SAN FRANCISCO--(BUSINESS WIRE)-- Highnote, the unified platform for embedded finance and modern card issuance, today announced a first-of-its-kind partnership with BVNK, a global stablecoin infrastructure provider for financial services. The collaboration introduces real-time, 24/7 stablecoin-based funding for card programs, enabling Highnote's subscribers around the world to fund U.S.-based program accounts instantly in USD, without being constrained by standard banking hours. Highnote is giving global businesses true around-the-clock control over how and when they move money. Share This new capability streamlines a critical operational step for global fintechs and enterprises that need to move fast. Program funds can now be transferred using stablecoins, automatically converted to U.S. dollars, and deposited in sponsor bank accounts in real-time – even on nights, weekends, or holidays. 'Our subscribers are building real-time financial products for a global user base, and until now, they have had to operate within the limits of U.S. banking hours,' said John Macilwaine, CEO at Highnote. 'This new capability eliminates that barrier, giving them true around the clock control over how and when to move money. More importantly, this is a foundational step that opens the door to deeper integration of digital assets across the Highnote platform, from inbound funding through acquiring to outbound disbursements via issuance, and beyond.' The launch is especially impactful for high-velocity disbursement use cases, including supplier payouts in AP automation, instant reimbursements in expense management, real-time settlements in marketplaces, and funding flows for fleet and credit programs – where timing and control are critical. Highnote is actively rolling out this new capability with first-mover subscribers, giving them a competitive edge through faster, more flexible funding from day one. 'This partnership is a prime example of how stablecoins can free up liquidity locked in complex payment flows that rely on traditional bank payment rails,' said Keith Vander Leest, US General Manager at BVNK. 'Our stablecoin-native infrastructure enables instant global value transfer, powering a new generation of financial services that innovators like Highnote are building today.' This milestone also lays the groundwork for future innovation within Highnote's platform. As digital asset adoption accelerates, stablecoins are expected to play an increasingly important role in optimizing payment flows, reducing costs, and enabling programmable money across issuing, acquiring, and credit. About Highnote Highnote is the unified platform for embedded finance, built for modern card issuance, acquiring, credit, and real-time money movement. Designed from the ground up, Highnote combines elegantly intelligent architecture with powerful developer tooling to deliver seamless, branded financial experiences. With built-in ledgering, integrated payment capabilities, and complete program management, Highnote empowers fintechs, vertical SaaS providers, and enterprises to launch differentiated embedded payments experiences that stand out in any market. Headquartered in San Francisco, Highnote is redefining the standard for modern financial products. Visit for more information. About BVNK BVNK builds stablecoin-native infrastructure to power global financial services. Our platform enables businesses to move value instantly across borders and networks. With global licensing and Tier 1 bank partnerships, we facilitate billions in transactions for enterprises like Worldpay, Deel and Rapyd. Visit for more information.
