Mastercard said it has completed its acquisition of stablecoin infrastructure company BVNK to strengthen its global stablecoin service capabilities. According to ChainCatcher, the company said BVNK's onchain infrastructure and stablecoin-native technology will help financial institutions, fintech firms, and enterprises expand stablecoin use cases in cross-border B2B payments, remittances, settlement, and treasury flows.
The company’s chief product officer said the next generation of payments in a multination world that includes fiat, stablecoins, and tokenized deposits will depend on how efficiently different payment rails connect. Mastercard had previously said in March that it planned to acquire BVNK for as much as $1.8 billion.