Mastercard to Acquire Stablecoin Startup BVNK for $1.8 Billion as Stablecoin Adoption Accelerates

Mastercard enters stablecoin infrastructure with $1.8B BVNK acquisition

Payment giant Mastercard has signed a definitive agreement to acquire BVNK, a stablecoin-focused payment platform, in a deal valued at up to $1.8 billion. The total includes $300 million in contingent payments tied to performance milestones.

BVNK was founded in 2021 and operates fiat-to-crypto gateway infrastructure supporting transfers across more than 130 countries. The acquisition is designed to integrate blockchain-based payment rails with Mastercard's traditional network.

Mastercard's Chief Product Officer Jorn Lambert stated that the deal will add "on-chain rails" to the company's global network, enabling faster transactions and introducing programmable payment capabilities.

The company cited growing demand from banks and fintech providers for stablecoin operations and tokenized deposits. Mastercard aims to ensure interoperability between fiat and digital currencies while maintaining its security and compliance standards.

The transaction is expected to close by the end of this year, pending regulatory approvals. Notably, in November 2025, exchange Coinbase and BVNK walked away from a $2 billion acquisition deal. The decision was mutual, and the reasons were not disclosed.

Why this matters

Mastercard's acquisition of BVNK represents one of the most significant moves by a traditional financial network into blockchain payment infrastructure. It signals that legacy payment processors view stablecoins not as a threat but as a modernization tool. Merging Mastercard's global reach with on-chain technology could fundamentally reshape the cost and speed of cross-border payments for millions of users worldwide.

PayPal expands PYUSD availability to 70 markets

Fellow payments giant PayPal is simultaneously expanding the footprint of its proprietary stablecoin PYUSD. The asset is now available to customers across 70 markets spanning the Asia-Pacific region, Europe, Latin America, and North America. Countries on the list include the United Kingdom, Singapore, Colombia, and Canada. Remaining supported regions will gain access in the coming weeks.

Available features for users include:

• Buying, holding, and sending PYUSD through a PayPal account;
• Transferring PYUSD to external crypto wallets;
• Converting the stablecoin into local currencies for withdrawal.

In select jurisdictions, customers will earn rewards for holding PYUSD in their balance.

Delphi Digital: stablecoin supply crosses $306 billion

Research firm Delphi Digital published a report showing that total stablecoin supply has exceeded $306 billion — despite Bitcoin's price decline and falling spot trading volumes.

"Original post" — Delphi Digital (@Delphi_Digital)

The primary growth driver is emerging markets, where fiat-pegged assets have become the cheapest alternative to the U.S. dollar. The analysts provided a striking example: sending money to Argentina results in total losses of up to 8% from fees and spreads. Over 80% of that cost has nothing to do with currency conversion — it covers the overhead of maintaining outdated correspondent banking infrastructure.

Key findings from the report:

• A SWIFT transfer from the U.S. to Turkey costs $25–$60 and takes up to three days;
• The same payment via stablecoins costs less than a cent (excluding on/off-ramp fees);
• In major pairs like USD/EUR, infrastructure costs account for roughly 17% of total expenses;
• For Argentina and Nigeria, that figure soars to 81–83%.

Traditional cross-border settlements rely on chains of intermediaries. Financial institutions must maintain bilateral accounts and lock up liquidity for each transaction. Stablecoins eliminate this need by removing middlemen and the requirement for pre-funded local currency reserves.

Corporate treasuries: the next frontier

Delphi Digital's analysts identify corporate treasuries as the next major adoption phase. Multinational companies could manage liquidity around the clock without being constrained by banking hours.

The primary bottleneck remains fiat on- and off-ramps — interaction with traditional currency still depends on bank transfers, compliance processes, and legacy payment processing schedules.

Delphi Digital concludes that stablecoins will not replace the global foreign exchange market overnight. Major currency pairs remain deeply liquid and well-served by banks. However, in countries where infrastructure costs are excessive and banks have stopped competing, stablecoins are effectively replacing a broken financial system.

Earlier, billionaire Stanley Druckenmiller stated that stablecoins could become the foundation of global payments within the next 10–15 years. Analysts at Jefferies have also warned about the threats stablecoins pose to the traditional banking sector.