This collaboration is designed to provide stablecoin-backed card capabilities to crypto-native and non-crypto companies, the companies announced Wednesday (Sept. 9).
“The integration will enable Marqeta’s customers to embed stablecoin capabilities into wallets, cards and everyday financial products,” the companies said in a news release. “Together, the companies are unlocking stablecoin spendability to allow users to transact in digital dollars at millions of merchants globally with a standard payment card.”
With this partnership, BVNK will give Marqeta’s customers the infrastructure to move and manage stablecoins and traditional fiat currencies “through familiar financial products,” while Marqeta handles card issuance, acceptance and bank and network relationships.
“Marqeta selected BVNK’s regulated platform to accelerate delivery while maintaining the compliance and operational standards expected by enterprise customers,” the release said.
The release says the partnership is noteworthy because it connects Marqeta with two parts of Mastercard’s network. Mastercard is one of Marqeta’s major network partners, and acquired BVNK earlier this year.
According to the release, the collaboration eventually will give Marqeta’s customers a path to other Mastercard capabilities through the same integration, instead of a separate build. Mastercard, Marqeta and BVNK are also all supporters of the Open USD stablecoin standard, the companies said.
“By bringing together companies across the payments ecosystem around a common standard, Open USD will help create a shared foundation for stablecoin payments that works across networks, providers and use cases, making it easier to adopt digital dollars and scale them across payment operations,” the release said.
Meanwhile, recent research from PYMNTS Intelligence shows that consumers are showing increasing interest in making purchases with cryptocurrencies and stablecoins, but are held back by acceptance, trust and uneven payment experiences.
That’s according to “From Asset to Everyday Money: Making Digital Currencies Spendable,” a PYMNTS Intelligence and Paymentology collaboration, which also points to a practical path forward: using linked cards instant conversion and modern issuer-processing systems to connect digital assets to the payment tools merchants and their customers use already.
“Familiar apps could provide the front door,” PYMNTS wrote last month, noting that the research shows that 77% of consumers say they would open a cryptocurrency or stablecoin wallet via an existing banking or FinTech app.
“That figure suggests banks and FinTechs don’t need to persuade customers to enter an unfamiliar financial world. They can add digital asset capabilities to relationships that already carry trust. For providers, the opportunity lies in making access feel like an extension of mobile banking rather than a separate crypto exercise.”
