BVNK has partnered with global stablecoin issuer Circle to accelerate and expand USDC utility for BVNK’s international customer base.
Following the agreement, BVNK aims to integrate USDC more deeply into its payment offerings, enabling businesses to make use of its speed and stability for a variety of payment use cases.
Two aspects the company believes this will have a significant effect on are making global payroll more efficient and simplifying large-scale customer and contractor payouts.
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.”
A key motivator for this development is speed, with both firms hoping that the collaboration will streamline operations, reduce costs and speed up transaction times across borders. BVNK said that with USDC, businesses can achieve near-instant payments.
Given that a lot of BVNK’s clients are located across Europe, the company has emphasised that their access to USDC is compliant with the Markets in Crypto-Assets Regulation, or MiCA, the European Union’s comprehensive law governing crypto assets.
“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,” Harmse added.
“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.”
USDC, redeemable 1:1 for US dollars, is a fully reserved dollar stablecoin backed 100% by liquid cash and cash-equivalent assets, as the stablecoin’s reserves are held at regulated financial institutions
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.”
Recently, BVNK has been targeting efficiency in a lot of its partnerships. Earlier this year, the company brought Swift’s payment infrastructure to simplify the process of exchanging fiat currencies for digital currencies, attempting to meet a growing demand.
