Visa is integrating stablecoins into its mainstream global payment systems by partnering with BVNK, a stablecoin infrastructure provider, for a program that enables merchants to settle international transactions through digital assets without directly using them.
Getting Ahead of the Fintechs
Through this partnership, businesses in specific markets can pre-fund payments with digital assets and then transfer payouts to recipients’ digital wallets via Visa Direct, which operates continuously, including on weekends and holidays. BVNK will handle the connection between wallets and blockchains, as well as compliance checks.
Aggressive Moves in the Space
This initiative builds upon a pilot program Visa launched last October, marking the first time a major payment provider adopted stablecoins for cross-border transactions. The new offering could significantly strengthen Visa’s position in this market, given its extensive network that already handles over $1.7 trillion annually in payments.
Last May, Visa invested in BVNK through its venture arm due to the company’s high annual stablecoin transaction volume of over $30 billion. Recently, Visa also launched a new advisory service under Visa Consulting & Analytics to assist banks and other organizations in developing their own digital asset strategies.
