Mastercard completes BVNK acquisition to expand stablecoin payments infrastructure

Mastercard has completed its acquisition of stablecoin infrastructure firm BVNK to advance its ability to connect crypto assets and traditional payment rails.

In a statement released Monday, Mastercard said it will leverage BVNK's technology and expertise to help financial institutions, fintechs and enterprises scale use cases involving stablecoins and tokenized assets. Those use cases include business-to-business payments, payouts, settlement, and treasury flows.

While Mastercard did not disclose the final financial terms of the deal, it said in March that it had agreed to acquire BVNK for up to $1.8 billion. The Block has reached out to Mastercard for further information.

"In a multi-money world where fiat, stablecoins and tokenized deposits and other forms of value coexist, the next payments paradigm will be defined by how effectively each rail, network or form of money connects and works together," said Jorn Lambert, chief product officer at Mastercard.

Founded in 2021, BVNK provides infrastructure that enables businesses to send and receive payments across major blockchain networks. In a blog post on Monday, BVNK said the acquisition will not affect its existing operations and clients.

"We are already working to bring broader Mastercard capabilities to BVNK customers, including greater payment reach, card functionality and new ways to move funds globally," said BVNK.

Mastercard has expanded its activity in the crypto sector in recent months. In June, the company said it is expanding its settlement capabilities to include fiat and regulated stablecoin-based card settlement, including USDC, PYUSD, and RLUSD, across its global payments network.

In March, it launched a crypto partner program comprising more than 85 crypto-native companies to develop enterprise use cases such as remittances, settlement, and payouts.