USD
Mastercard and BVNK Launch Global Money Platform for Stablecoins
New infrastructure connects fiat and stablecoin accounts to cards, bank payouts and Mastercard Move
TL;DR
- Mastercard and BVNK launched Global Money Platform, combining fiat and stablecoin services through a single API.
- Businesses can embed multi-currency accounts, conversion, stablecoin-linked cards, bank payouts and treasury tools.
- Mastercard plans to extend the platform to agentic commerce and tokenized deposits.
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Mastercard launched Global Money Platform with BVNK on Thursday, giving banks, fintechs and enterprises infrastructure to hold and convert fiat currencies and stablecoins, issue stablecoin-linked cards and send payments to local bank accounts. The service is Mastercard’s first major BVNK integration since it acquired the stablecoin infrastructure company in August in a roughly $1.8 billion deal.
At the center of the service is what Mastercard calls a global money account, a multi-currency account where fiat and stablecoins can be held together and converted through a single API. Businesses can embed those accounts into their own branded products or use the platform for treasury and settlement. Its modular functions cover sending, receiving, converting, storing, spending and earning, allowing customers to add services as needed.
Global Money Platform connects stablecoins to Mastercard Move
The platform connects stablecoin balances to Mastercard Move and Mastercard’s merchant-acceptance network. Mastercard said businesses can use stablecoin balances to make local-currency payments directly into recipients’ bank accounts, while customers can also spend those balances through payment cards across Mastercard’s merchant network.
Payments company Nuvei and card-issuing platform Marqeta are among the first businesses integrating Global Money Platform. Ontop, Beem and Almond FinTech are also early integration partners. The infrastructure allows financial companies to provide stablecoin services through their own brands rather than limiting Mastercard’s role to processing payments.
Mastercard plans agentic commerce and tokenized deposit support
Mastercard has framed Global Money Platform around a “multi-money” model that connects different forms of money through common infrastructure. Raj Dhamodharan, Mastercard’s executive vice president for blockchain and digital assets, said the company believes “the future of commerce will be built on interoperability across multiple forms of money,” calling the launch a step toward enabling “the next generation of programmable and agentic commerce.”
Agentic commerce refers to transactions carried out autonomously by AI agents. Mastercard has already moved to enable AI-agent payments alongside Coinbase and Ripple and secured a New York BitLicense covering stablecoins and tokenized deposits. Mastercard said support for agentic commerce and tokenized deposits will be added to Global Money Platform later.
The launch also adds another stablecoin infrastructure offering from a major payments network. Visa launched a platform in July that allows financial institutions to hold, mint and transfer stablecoins. Separately, Standard Chartered research has pointed to increasing stablecoin transaction activity even as circulating supplies of major tokens including USDt and USDC have remained relatively flat this year.
This article has been refined and enhanced by ChatGPT.
