Payment giant Mastercard has reached an agreement to acquire the stablecoin startup BVNK, with the deal potentially valued at $1.8 billion.
This amount includes $300 million in contingent payments. The acquisition aims to integrate blockchain solutions with traditional payment systems.
The company noted an increasing demand from banks and fintech services for transactions involving "stablecoins" and tokenized deposits. Mastercard plans to ensure compatibility between fiat and digital currencies while adhering to security and compliance standards.
Mastercard's Chief Product Officer Jorn Lambert stated that the deal will add "on-chain rails" to the company's global network, speeding up transactions and enabling programmable payments.
Founded in 2021, BVNK specializes in gateways between fiat and cryptocurrencies, facilitating transfers in over 130 countries.
The parties expect to finalize the deal by the end of the year, pending necessary regulatory approvals.
In November 2025, Coinbase and BVNK abandoned a $2 billion acquisition deal. The decision was mutual, and the reasons were not disclosed.
PayPal and PYUSD
Payment giant PayPal has expanded the geographical reach of its stablecoin PYUSD, making it available to customers in 70 markets.
The list includes countries in the Asia-Pacific region, Europe, Latin America, and North America, such as the UK, Singapore, Colombia, and Canada. Access for other supported regions will be rolled out in the coming weeks.
Users can now:
- buy, store, and send PYUSD through their PayPal account;
- transfer the asset to external wallets;
- convert the "stablecoin" into local currencies for withdrawals.
In certain jurisdictions, customers will earn rewards for holding coins in their balance.
Delphi Digital on Stablecoins
The supply of stablecoins has exceeded $306 billion, despite a drop in Bitcoin prices and a decline in spot trading volumes. The primary driver of growth is emerging markets, where fiat-pegged assets have become the cheapest alternative to the dollar, according to a report by Delphi Digital.
— Delphi Digital (@Delphi_Digital) March 16, 2026
Analysts noted that sending money to Argentina incurs total losses of 8% in fees and spreads. More than 80% of this amount is unrelated to currency conversion—it's the cost of maintaining outdated correspondent banking infrastructure.
Traditional cross-border payments go through a chain of intermediaries. Financial institutions must maintain bilateral accounts and freeze liquidity to facilitate transactions. Each intermediary takes its fee, and the settlement cycle can stretch over several days.
According to experts:
- A SWIFT transfer from the US to Turkey costs $25-$60 and takes up to three days;
- stablecoins can conduct the same payment for less than a cent (excluding gateway fees).
In popular currency pairs like USD/EUR, infrastructure costs account for about 17% of the total. For Argentina and Nigeria, this figure skyrockets to 81-83%. In these corridors, the cost of maintaining banking "rails" often exceeds the risks associated with currency fluctuations.
Stablecoins eliminate intermediaries and the need for pre-reserving funds in local currencies.
The next phase of technology adoption will involve corporate treasuries. Multinational companies will be able to manage liquidity around the clock, independent of banking hours.
The main obstacle remains the gateways for fund inflows and outflows. Interaction with fiat still relies on bank transfers, compliance, and outdated payment processing schedules.
Delphi Digital experts conclude that stablecoins will not instantly replace the global currency market. Major pairs are deeply liquid and well-serviced by banks. However, in countries where infrastructure costs are excessive and banks have ceased to compete, "stablecoins" effectively replace a dysfunctional financial system.
In March, billionaire Stanley Druckenmiller stated that stablecoins could become the foundation of a global payment system within the next 10-15 years.