Corpay taps BVNK to bring stablecoin wallets to corporate payments

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Corpay taps BVNK to bring stablecoin wallets to corporate payments Corpay will use stablecoin rails in its treasury operations to improve capital efficiency, reduce reliance on pre-funded accounts, and move funds across its global footprint. What to know: - Corpay partnered with BVNK to add stablecoin wallets and settlement for global customers, allowing cross-border money movement outside traditional banking hours. - Corpay will use stablecoin rails in its treasury operations to improve capital efficiency, reduce reliance on pre-funded accounts, and move funds across its global footprint. - Stablecoins are a growing operational use case for payment firms' treasury and cross-border settlement. BVNK is a key player, partnering with Visa & bought by Mastercard. Payments firm Corpay (CPAY) add stablecoin wallets and settlement capabilities for its global corporate customers alongside BVNK to give companies another way to move money across borders outside traditional banking hours. Teaming up with BVNK will allow Corpay clients to see stablecoin balances alongside fiat balances inside its platform, while allowing them to send, receive, store and convert stablecoins through embedded wallets. Corpay said it will use the same stablecoin rails in its treasury operations. It expects to reduce reliance on pre-funded accounts, improve capital efficiency and make it easier to move funds across its global footprint doing so. The firm has also added blockchain-based settlement to its cross-border payments platform through JPMorgan’s Kinexys private blockchain and BVNK’s stablecoin infrastructure. The company said the rails would be used across select corridors. Those additions sit alongside SWIFT, Corpay’s proprietary iACH network and real-time local payment schemes. The new BVNK wallet integration brings that stablecoin functionality closer to customers. BVNK has become one of the main firms helping payment companies add stablecoin rails. Mastercard agreed in March to buy BVNK for up to $1.8 billion, while Visa teamed up with BVNK earlier this year to support stablecoin funding and payouts through Visa Direct. Other payment firms are taking a similar route. Stripe has been building stablecoin payments through Bridge, while Worldpay has used BVNK to offer stablecoin payouts to global businesses. The use case is mostly operational. Stablecoins give payment firms another settlement option for liquidity movement, treasury management and cross-border transfers outside banking hours. Stablecoin payments remain a small part of global money movement, but a growing one. Data from Visa shows that over the past 30 days, over $1.2 trillion in stablecoin transaction volume, up from $733 billion a year ago. More For You Anchorage Digital co-founder and CEO Nathan McCauley said there will be ‘increased neutrality’ from his firm on stablecoins. What to know: - Anchorage, which is partnering with stablecoin issuance platform M0, says it has a pipeline of 20 firms looking for help to issue stablecoins. - Becoming a white-label stablecoin issuer for so many different groups, requires thinking about incentive structures and if everything is still aligned, CEO McCauley said.

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