Payments infrastructure provider BVNK has partnered with financial technology company Circle to support the utility of USDC for BVNK’s global customer base. The partnership will integrate USDC more thoroughly into BVNK's payment services, allowing businesses to use the stablecoin for various payment purposes, such as global payroll and large-scale contractor and customer payouts.

USDC is a fully backed dollar-pegged stablecoin, with reserves held in liquid assets at regulated financial institutions. According to the official press release, these reserves undergo monthly third-party attestations to ensure transparency. BVNK’s European customers, who are subject to the Markets in Crypto-Assets Regulation (MiCA), will have compliant access to USDC for their transactions.

Increasing stablecoin usage in global payments The official press release further details that global stablecoin payment volumes have seen significant growth, reaching USD 2.5 trillion in June 2024. This collaboration between BVNK and Circle aims to meet growing customer demand by improving payment efficiency, reducing costs, and speeding up cross-border transactions. USDC's near-instant payment capabilities offer advantages over traditional payment methods, which often face delays and higher costs.

Representatives from BVNK noted that businesses expanding globally face challenges with existing payment options. They emphasised that USDC, operating on blockchain technology, facilitates instant global connections between buyers and sellers. They also highlighted that the partnership with Circle aligns with both companies’ goal of promoting secure, compliant international payments, addressing customer demand for faster and safer transactions, especially in areas like contractor payouts.

Circle officials expressed that the collaboration allows businesses to benefit from USDC’s capabilities, offering streamlined, internet-native payment solutions. They brought up the importance of addressing the growing demand for digital financial services and infrastructure. More information about the two companies BVNK operates a payments infrastructure that bridges traditional banking with blockchain technology.

The platform enables businesses to send and receive stablecoin payments, convert currencies, and integrate cryptocurrency payments into their systems, all while ensuring regulatory compliance. Circle is a global fintech firm that provides businesses with the tools to leverage digital currencies and public blockchains for payments and financial applications. As the issuer of USDC and EURC, Circle supports international payments and Web3 applications through its regulated entities and programmable platform.

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