Mastercard to Acquire BVNK for $1.8 Billion

Mastercard to acquire stablecoin startup BVNK for $1.8 billion.

Payment system Mastercard has reached an agreement to acquire the stablecoin startup BVNK. The deal could be valued at up to $1.8 billion.

The amount includes $300 million in conditional payments. The acquisition aims to integrate blockchain solutions with traditional payment systems.

The company noted increasing demand from banks and fintech services for operations with “stablecoins” and tokenized deposits. Mastercard plans to ensure compatibility between fiat and digital currencies while adhering to security and compliance standards.

Mastercard’s Chief Product Officer Jorn Lambert stated that the deal will allow the addition of “on-chain rails” to the company’s global network. This will accelerate transactions and introduce payment programmability.

Founded in 2021, the startup BVNK specializes in gateways between fiat and cryptocurrencies, supporting transfers in over 130 countries.

The parties expect to close the deal by the end of the current year, pending necessary regulatory approvals.

In November 2025, Coinbase and BVNK declined a $2 billion acquisition deal. The decision was mutual, but reasons were not disclosed.

PayPal and PYUSD

Payment giant PayPal has expanded the geographical use of the stablecoin PYUSD. The asset has become available to customers in 70 markets.

The list includes countries in the Asia-Pacific region, Europe, Latin America, and North America, such as the United Kingdom, Singapore, Colombia, and Canada. Access for other supported regions will open in the coming weeks.

Users have gained the ability to:

• buy, store, and send PYUSD through their PayPal account;
• transfer the asset to external wallets;
• convert the “stablecoin” into local currencies for withdrawal.

In certain jurisdictions, customers will receive rewards for holding coins on their balance.

Delphi Digital on Stablecoins

The supply of “stablecoins” has exceeded $306 billion, despite a drop in bitcoin prices and a decline in spot trading volumes. The main growth driver is emerging markets, where fiat-pegged assets have become the cheapest alternative to the dollar, according to a report by Delphi Digital.

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Analysts noted that when sending money to Argentina, total losses on fees and spreads reach 8%. More than 80% of this amount is unrelated to currency conversion—it is the cost of maintaining outdated correspondent banking infrastructure.

Traditional cross-border settlements pass through a chain of intermediaries. Financial institutions are forced to maintain bilateral accounts and freeze liquidity to ensure transactions. Each intermediary takes its fee, and the settlement cycle extends over several days.

According to experts:

• A SWIFT transfer from the US to Turkey costs $25-$60 and takes up to three days;
• stablecoins execute the same payment for less than a cent (excluding gateway fees).

In popular currency pairs like USD/EUR, infrastructure costs account for about 17% of the total. For Argentina and Nigeria, this figure soars to 81-83%. In these corridors, the cost of maintaining banking “rails” often exceeds the risks of currency exchange rate fluctuations.

Stablecoins eliminate intermediaries and the need for pre-funding in local currencies.

The next stage of technology adoption will be corporate treasuries. Multinational companies will be able to manage liquidity around the clock, independent of banking operating hours.

The main obstacle remains the gateways for fund input and output. Interaction with fiat still depends on bank transfers, compliance, and outdated payment processing schedules.

Delphi Digital experts conclude: stablecoins will not replace the global currency market overnight. Major pairs are deeply liquid and well-served by banks. However, in countries where infrastructure costs are excessive and banks have ceased to compete, “stablecoins” effectively replace a non-functioning financial system.

Back in March, billionaire Stanley Druckenmiller stated that stablecoins could become the foundation of a global payment system within the next 10-15 years.