Worldpay collaborates with BVNK for stablecoin withdrawal services
Worldpay and BVNK Partner to Revolutionize Stablecoin Payouts
In a significant move towards the mainstream adoption of digital assets, Worldpay, a leading payments processing company, has announced a partnership with BVNK to pilot stablecoin payout services. This collaboration is set to go live during the second half of 2025.
Worldpay, which processes $2.3 trillion annually for over one million merchants, is now incorporating stablecoin payouts into its offerings. This move reflects the growing enterprise demand for stablecoin payment solutions to increase payment speed, reduce costs, and improve financial inclusion.
BVNK's proprietary Layer1 technology underpins the stablecoin payment infrastructure, managing transaction complexity and treasury operations at scale. This partnership enables merchants across various verticals—including marketplaces, travel, and gaming—to receive stablecoin payouts, facilitating near-instant, borderless transactions with fiat off-ramps to local payment networks such as Kenya's M-Pesa.
The system supports cross-border payments by converting stablecoins into local currencies directly, reaching markets traditionally underserved by conventional banking. This development aligns with global trends, as stablecoins are currently at the peak of their hype cycle, with infrastructure firms like BVNK attracting significant investment.
Notably, BVNK recently announced a partnership with Visa, with Visa investing €2 million ($2.27m) in March, valuing BVNK at around $625 million. This partnership reflects the broader momentum in stablecoin infrastructure.
John McNaught, SVP and Head of payouts at Worldpay, expressed excitement about delivering innovative payout solutions. He said, "This partnership marks a major advance in integrating stablecoin payouts into mainstream payment networks, making digital asset payments practical and accessible for enterprises worldwide."
Worldpay's payouts service allows merchants to use the money they've received to payout staff, contractors, or third parties. To facilitate this, Worldpay is using BVNK's embedded wallet system so that merchants don't have to hold the stablecoins themselves.
This latest development comes after Stripe acquired Bridge for $1.1 billion late last year and MoonPay purchased Iron in March. OpenFX, another new player in the stablecoin space, came out of stealth yesterday and announced a $23 million funding led by Accel. OpenFX also announced an annualized transaction rate of $10 billion.
Visa has supported stablecoin settlement for several years, indicating a growing acceptance of digital assets in the traditional financial sector. With Worldpay's entry into the stablecoin payout market, we can expect to see more businesses adopting this innovative payment solution.
In conclusion, the collaboration between Worldpay and BVNK is a significant step towards digital asset adoption in global commerce. It demonstrates the potential of stablecoins to revolutionize cross-border payments, increase financial inclusion, and reduce costs for businesses worldwide.
- The integration of stablecoin payouts into Worldpay's offerings is an encouraging insight into the growing enterprise demand for digital asset payment solutions, aiming to increase speed, decrease costs, and enhance financial inclusion in the finance industry, backed by advancements in technology and blockchain.
- BVNK's partnership with Worldpay is a significant move in the stablecoin industry, as its Layer1 technology will underpin the stablecoin payment infrastructure, enabling merchants across various industries to receive stablecoin payouts and facilitating near-instant, borderless transactions with fiat off-ramps.
- As the stablecoin market continues to expand beyond its hype cycle, collaborations such as the one between Worldpay and BVNK display the potential of stablecoins to revolutionize cross-border payments, increase financial inclusion, and reduce costs in the global finance industry, setting the stage for mainstream stablecoin adoption in the years to come.
