BVNK was already at ~$30B annualized payment volume, so pairing that with a BitLicense and Mastercard’s MTN turns stablecoin settlement into regulated middleware banks can actually plug into. Visa is already running USDC settlement across nine chains at a ~$7B annualized run rate; Mastercard’s answer looks more like owning the orchestration layer across USDG, PYUSD, USDC, FIUSD and tokenized deposits. Bullish for stablecoin throughput, less bullish for L1 capture: the card networks will happily make chains compete as interchangeable settlement venues while they keep the compliance, routing, FX and merchant relationships.

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