Payments firm Corpay (CPAY) add stablecoin wallets and settlement capabilities for its global corporate customers alongside BVNK to give companies another way to move money across borders outside traditional banking hours.
Teaming up with BVNK will allow Corpay clients to see stablecoin balances alongside fiat balances inside its platform, while allowing them to send, receive, store and convert stablecoins through embedded wallets.
Corpay stated it will utilize the same stablecoin rails in its treasury operations. It anticipates to reduce reliance on pre-funded accounts, improve capital efficiency and make it easier to move funds across its global footprint doing so.
The firm has also added blockchain-based settlement to its cross-border payments platform through JPMorgan’s Kinexys private blockchain and BVNK’s stablecoin infrastructure. The company stated the rails would be used across select corridors.
Those additions sit alongside SWIFT, Corpay’s proprietary iACH network and real-time local payment schemes. The new BVNK wallet integration brings that stablecoin functionality closer to customers.
BVNK has become one of the main firms helping payment companies add stablecoin rails. Mastercard agreed in March to buy BVNK for up to $1.8 billion, while Visa teamed up with BVNK earlier this year to support stablecoin funding and payouts through Visa Direct.
Other payment firms are taking a similar route. Stripe has been building stablecoin payments through Bridge, while Worldpay has used BVNK to offer stablecoin payouts to global businesses.
The utilize case is mostly operational. Stablecoins give payment firms another settlement option for liquidity movement, treasury management and cross-border transfers outside banking hours.
Stablecoin payments remain a small part of global money movement, but a growing one. Data from Visa shows that over the past 30 days, over $1.2 trillion in stablecoin transaction volume, up from $733 billion a year ago.
