Barcelona, Spain – October 17, 2024 — BVNK, a payments infrastructure provider, and Circle, a global financial technology firm, have announced a strategic partnership aimed at enhancing the utility of USDC for BVNK’s global clientele. This collaboration, announced here, will see BVNK integrating USDC more deeply into its payment solutions, enabling businesses to benefit from the speed and stability of USDC across various payment use cases.
The integration of USDC into BVNK’s offerings is set to revolutionize global payroll processes and simplify large-scale payouts to customers and contractors. USDC, a fully reserved dollar stablecoin, is backed 100% by liquid cash and cash-equivalent assets, and is redeemable 1:1 for US dollars. The reserves are held at regulated financial institutions with third-party monthly attestations, ensuring a high level of transparency for BVNK’s customers.
For BVNK’s extensive customer base across the EU, the access to USDC is compliant with the Markets in Crypto-Assets Regulation (MiCA), the European Union’s comprehensive law governing crypto assets. The demand for stablecoin payment solutions has surged, with global volumes increasing tenfold since 2020, reaching $2.5 trillion by June 2024.
Chris Harmse, Co-founder and Chief Business Officer at BVNK, emphasized the importance of this partnership by stating, “Businesses are diversifying their supply chains and expanding their customer bases globally, but existing payment options don’t always facilitate this growth. Stablecoins like USDC, which operate on 24/7 blockchains, connect 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.”
Kash Razzaghi, Chief Business Officer of Circle, highlighted the significance of the collaboration, saying, “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.”
This partnership is poised to streamline payment operations, reduce costs, and ensure faster transaction times across borders, providing significant advantages over traditional methods that are often subject to delays and high costs.
Disclaimer: The views expressed in this article are those of the authors and do not necessarily reflect the official policy of CoinsHolder. Content, including that generated with the help of AI, is for informational purposes only and is not intended as legal, financial, or professional advice. Readers should do their research before taking any actions related to the company and carry full responsibility for their decisions.
