BVNK, the payments infrastructure provider, and Circle, a global financial technology firm, today announced a partnership aimed at accelerating the utility of USDC for BVNK’s global customer base.
BVNK will integrate USDC more deeply into its payment offerings, enabling businesses to leverage USDC’s speed and stability for a variety of payment use cases. This includes making global payroll more efficient and simplifying large-scale customer and contractor payouts.
USDC is a fully reserved dollar stablecoin backed 100% by liquid cash and cash-equivalent assets and is redeemable 1:1 for US dollars. The USDC reserves are held at regulated financial institutions with published third party monthly attestations, providing a high level of transparency for BVNK’s customers. For BVNK’s high concentration of customers across the EU, their access to USDC is compliant with the Markets in Crypto-Assets Regulation, or MiCA, the European Union’s comprehensive law governing crypto assets.
The global stablecoin payment volumes have been growing quickly, increasing tenfold since 2020, reaching $2.5 trillion in June 2024. To meet the demand from BVNK’s customers, the collaboration will streamline payment operations, reduce costs, and ensure faster transaction times across borders. With USDC, businesses can achieve near-instant payments, providing significant advantages over traditional methods that are often subject to delays and costly, while maintaining stability.
Chris Harmse, Co-founder and Chief Business Officer at BVNK, commented: “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 24/7 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. It also demonstrates the increased demand we’re seeing from our business customers for efficient, secure ways to pay across borders. We’re excited to work with Circle to deploy USDC in new fast-growing payments use cases like contractor payouts and reward disbursements.”
Kash Razzaghi, Chief Business Officer of Circle, added: “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.”