KEY POINTS
- Stablecoin payment volumes jumped 10x since 2020, reaching $2.5 trillion in June 2024
- The partnership reflects the shared vision toward accelerating global money movement in a safe, compliant way: BVNK's Harmse
- The collaboration brings the power of the $USDC stablecoin to innovative business worldwide: Circle's Razzaghi
Payments infrastructure provider BVNK and global fintech firm Circle today announced a partnership to accelerate the utility of the USDC stablecoin for BVNK's global customer base.
Under the partnership, BVNK will integrate Circle's USDC deeply into its payments offering, enabling businesses to leverage the popular stablecoin's speed and stability across various payment use cases, including making global payroll more efficient and simplifying large-scale customer and contractor payouts.
Meeting the Surging Stablecoin Payment Demand
Stablecoin payment volumes have grown significantly in recent years, jumping tenfold since 2020 and reaching a whopping $2.5 trillion in June 2024. BVNK's research further showed that active stablecoin addresses have shown strong growth, increasing by 15x from July 2020 through May 2024.
BVNK seeks to meet the growing demand for stablecoin payments among its customers worldwide, and the collaboration is one step in the right direction as it will streamline payment operations, reduce costs, and ensure that transaction times are cut down across borders.
"Businesses are diversifying their supply chains, and growing their customer bases globally, but existing payment options don't always make that easy. Stablecoins like USDC travel on 24/blockchains, connecting buyers and sellers globally in an instant. Our partnership with Circle reflects our shared vision to accelerate the global movement of money in a safe and compliant way," BVNK Co-founder and Chief Business Officer Chris Harmse said in a press release shared with International Business Times.
The partnership also demonstrates that there is increased demand from business customers for efficient and secure ways to settle payments internationally, Harmse noted.
We’ve been helping fintechs to meet customer demand for stablecoin payments since 2019.
— BVNK (@BVNKFinance) October 9, 2024
Now, with Customer Virtual Accounts, we’re deepening our support for fiat payments too.
Learn more: https://t.co/SJj9q7PMdR pic.twitter.com/V6NRx2p7SQ
Leveraging $USDC Efficiency to Improve Global Business Payments
USDC, which is backed 100% by liquid cash and cash-equivalent assets, is the world's sixth-largest cryptocurrency by market cap, as per CoinGecko data. As of early Thursday, the stablecoin's market value has reached over $34.8 billion. It is only second to Tether (USDT) in terms of top stablecoin rankings.
Through the partnership, BVNK customers can rest assured that their payments are safe and secure. USDC reserves are held at regulated financial institutions with published third-party monthly attestations, providing the highest level of transparency possible for BVNK's customers.
Furthermore, the USDC is compliant with the European Union's stringent Markets in Crypto-Assets Regulations (MiCA), ensuring that customers in Europe can enjoy the benefits of the stablecoin's efficiency.
"Our collaboration with BVNK brings the power of USDC to innovative businesses that need robust, seamless, and internet-native payment solutions. Working closely with BVNK, we aim to address the accelerating business demand for internet-native financial services and infrastructure," said Kash Razzaghi, the Chief Business Officer at Circle.
