Payment infrastructure provider BVNK has launched a partnership with USDC issuer Circle.
According to a Thursday (October 17) news release, the partnership aims to accelerate the usefulness of the USDC stablecoin for BVNK customers.
“BVNK will further integrate USDC into its payment services, enabling businesses to leverage the speed and stability of USDC across a variety of payment use cases,” the company said in a release. “This includes streamlining global payroll and simplifying payments to customers and contractors at scale.”
USDC is a dollar-backed stablecoin that is also compliant with the European Union’s Cryptoassets Market Regulation (MiCA) law, which will benefit BVNK’s EU customer base.
According to the release, global stablecoin payment value has increased tenfold since 2020, reaching $2.5 trillion in June of this year. The companies say the partnership will help BNNK customers by streamlining payment operations, reducing costs and ensuring faster cross-border transactions.
“Companies are diversifying their supply chains and expanding their customer bases around the world, but existing payment options don’t always make it easy,” said Chris, co-founder and chief business officer of BVNK. Harms said in the release.
“Stablecoins like USDC move on the blockchain 24/7, instantly connecting buyers and sellers around the world. It reflects our shared vision to accelerate mobility.”
As PYMNTS wrote earlier this week, stablecoins like USDC are at the forefront of a new cryptocurrency payments movement.
For example, PayPal completed its first corporate payment to EY earlier this month using its in-house stablecoin PYUSD, while Visa is using its in-house stablecoin PYUSD to complete its first corporate payment to EY, while Visa is using its internal stablecoin and tokenized deposits to back We have introduced a new platform for banks to issue tokens. And Coinbase is expanding the ways businesses can pay through its Coinbase Prime intermediary platform.
“It’s important to know that cryptocurrencies are not just Bitcoin, Doge, and NFTs,” Sheraz Shea, head of payments at Solana Foundation, told PYMNTS in May. “Blockchain is truly an alternative rail for payments and financial assets.”
“Blockchain solutions and stablecoins – I don’t want to use the word crypto because this is more about fintech – are proving to be a product-market fit in cross-border payments. ,” Scheer said in a separate conversation.
As we discussed here this week, traditional international payment methods such as wire transfers can be costly, time-consuming, and burdened with regulatory hurdles. Stablecoins offer a more efficient alternative with near-instant transactions, lower fees, and fewer intermediaries.
See more: BVNK, Circle, Crypto, Crypto Payments, Cryptocurrency, News, Partnerships, PYMNTS News, Stablecoin Payments, Stablecoins, USDC, Latest Information
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