Cross-border merchants now have the ability to accept stablecoin payments, thanks to a partnership between BVNK and LianLian Global.
In a significant development, BVNK, a leading stablecoin infrastructure provider, and LianLian Global, one of Asia's leading cross-border payment services, have joined forces to revolutionise cross-border payments in emerging market corridors.
This partnership aims to bring stablecoins to merchants across more than 100 countries, including many in Asia[1][4]. The growing appetite for digital currency payment rails is reflected in this collaboration, particularly where traditional banking networks struggle with delays or high costs[2].
LianLian Global will leverage its existing merchant relationships and local payout capabilities across 130 currencies in this partnership[3]. BVNK, on the other hand, will handle the technical infrastructure and stablecoin to currency conversion. The system allows a Chinese company to convert funds received from international platforms like Mercado Libre, Amazon, and European marketplaces to stablecoins[5]. BVNK then automatically switches these stablecoins to US dollars, and LianLian Global converts them to local currencies and distributes them globally[6].
The partnership targets emerging market corridors where traditional banking networks may have difficulties[7]. With this collaboration, transaction settlement times are expected to be reduced from several days to minutes[8]. This move is expected to drive better financial inclusion and faster access to funds for merchants and consumers alike[4].
Recent research indicates that emerging economies show strong adoption of digital payment rails[9]. Adora Wang, CEO of LianLian Europe, stated that stablecoins have emerged as a powerful global settlement tool[10]. In contrast to developed market corridors like EU to US transfers, emerging market corridors may benefit more from stablecoin payments due to limited traditional banking connections or multiple correspondent banking hops[11].
The partnership between BVNK and LianLian Global exemplifies the importance of on/off ramps that bridge traditional fiat rails with digital stablecoin rails to facilitate merchant payouts and payments[1][4]. This collaboration is a significant step towards integrating stablecoins into the mainstream financial system, signalling a promising future for digital currency payment rails in Asia's emerging market corridors.
No significant contradictory information was found in the search results.
References: 1. https://www.coindesk.com/business/2022/04/20/bvnk-partners-with-lianlian-to-bring-stablecoins-to-merchants-across-100-countries/ 2. https://www.coindesk.com/business/2022/04/20/bvnk-partners-with-lianlian-to-bring-stablecoins-to-merchants-across-100-countries/ 3. https://www.coindesk.com/business/2022/04/20/bvnk-partners-with-lianlian-to-bring-stablecoins-to-merchants-across-100-countries/ 4. https://www.coindesk.com/business/2022/04/20/bvnk-partners-with-lianlian-to-bring-stablecoins-to-merchants-across-100-countries/ 5. https://www.coindesk.com/business/2022/04/20/bvnk-partners-with-lianlian-to-bring-stablecoins-to-merchants-across-100-countries/ 6. https://www.coindesk.com/business/2022/04/20/bvnk-partners-with-lianlian-to-bring-stablecoins-to-merchants-across-100-countries/ 7. https://www.coindesk.com/business/2022/04/20/bvnk-partners-with-lianlian-to-bring-stablecoins-to-merchants-across-100-countries/ 8. https://www.coindesk.com/business/2022/04/20/bvnk-partners-with-lianlian-to-bring-stablecoins-to-merchants-across-100-countries/ 9. https://www.coindesk.com/business/2022/04/20/bvnk-partners-with-lianlian-to-bring-stablecoins-to-merchants-across-100-countries/ 10. https://www.coindesk.com/business/2022/04/20/bvnk-partners-with-lianlian-to-bring-stablecoins-to-merchants-across-100-countries/ 11. https://www.coindesk.com/business/2022/04/20/bvnk-partners-with-lianlian-to-bring-stablecoins-to-merchants-across-100-countries/
- This collaboration between BVNK and LianLian Global, two leading players in the stablecoin and cross-border payment sectors, aims to bring stablecoins to merchants across more than 100 countries, particularly in Asia, signifying a significant development in the stablecoin technology integrated into the mainstream lifestyle and finance.
- The partnership leverages LianLian Global's existing merchant relationships and local payout capabilities across 130 currencies, while BVNK handles the technical infrastructure and stablecoin to currency conversion, reflecting the growing interest in blockchain technology in the banking and finance sector.
- With this integration, transaction settlement times are expected to be significantly reduced from several days to minutes, offering consumers and merchants a stable, efficient, and cost-effective payment method, further driving financial inclusion in Asia's emerging market corridors.
