Summary
- Mastercard said it has announced a deal to acquire stablecoin infrastructure startup BVNK for up to $1.8bn.
- With the BVNK acquisition, Mastercard said it will be able to directly link stablecoins to its existing payments network.
- Mastercard said it expects last year’s digital currency payments market volume to have reached at least $350bn.
Forecast Trend Report by Period
Mastercard, a global credit card and card payments giant, said on the 17th (local time) it will acquire stablecoin infrastructure startup BVNK for up to $1.8bn (about 2.7 trillion won).
If the BVNK purchase is finalized, Mastercard will be able to directly link stablecoins to its existing payments network. Consumers or businesses are expected to be able to pay with or convert their stablecoins into fiat currencies.
A stablecoin is a cryptocurrency designed to have its exchange value pegged to a specific currency, including the US dollar. Founded in 2021, BVNK currently operates an infrastructure “on-ramp” supporting blockchain networks in around 130 countries.
Mastercard projected that payment volume in the digital currency payments market likely reached at least $350bn last year. Jorn Lambert, Mastercard’s chief product officer (CPO), said, “Going forward, most financial institutions and fintech companies will offer digital currency services regardless of whether they are based on traditional fiat currencies or stablecoins.”
Lee Mi-a, mia@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
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