BVNK has launched what it calls the first embedded wallet unifying fiat and stablecoins globally.
“Stablecoins are redefining how we transfer value around the world, enabling 24/7/365 global payments near-instantly,” the cryptocurrency-to-fiat firm said in a news release Wednesday (March 5). “But they’re not yet seamless for all use cases. And moving money between traditional currencies and stablecoins is still challenging.”
The embedded wallet, BVNK added, is designed to provide better payment flexibility by bringing fiat and stablecoins together in a single platform, offering direct access to blockchains and payment systems like Swift and ACH.
The wallets, the company said, are designed to help FinTechs, crypto and payment companies speed money movement for their customers.
For example, FinTechs and payment service providers can use them to give their “customers the power of payouts, to anywhere, near instantly.”
Payroll and tech companies can speed payments to international workers, hosts, creators and sellers, while crypto FinTechs and neobanks can allow customers to move from fiat currencies — U.S. dollars, pounds, and euros to stablecoins and back on their app or platform.
The launch comes as the stablecoin market is, as PYMNTS wrote last week, “positioning itself as at the forefront of payments innovation,” a shift that is now “at an inflection point.”
Days earlier, Bank of America CEO Brian Moynihan said in an interview that the bank would “go into” stablecoins if regulation were passed in the U.S. And as PYMNTS noted, that’s a big “if,” as there are still a number of regulatory issues that need to be resolved before banks begin to embrace stablecoins.
That regulation took center stage last week during a Senate hearing exploring a legislative framework for digital assets.
At that hearing, Jai Massari, the co-founder and chief legal officer at Lightspark, said it was becoming clear how stablecoins could lower payment frictions and transaction costs, spark new kinds of payments and lead to new kinds of economic activity.
“For stablecoins to support more mainstream payments use cases, users must be able to think of stablecoins as digital cash,” she added. This requires users having confidence that stablecoins are protected by a strong legal framework and operational infrastructure.”
“This is as true for banks as it is for consumers,” PYMNTS noted.
