Mastercard acquired BVNK, Visa’s historical partner for stablecoin settlements, for up to $1.8 billion. The UK-based firm BVNK, which specializes in 24/7 stablecoin settlement infrastructure across over 130 countries, powered Visa Direct’s network. Meanwhile, Visa reported a $7 billion annualized stablecoin settlement run rate in early 2026, representing a 50% quarter-over-quarter increase, and operated over 160 stablecoin card programs globally. This acquisition positions Mastercard as a direct competitor to Visa in the cross-border stablecoin payments market. Visa now needs to find a new partner offering continuous 24/7 settlement, comparable geographic coverage, and over-the-counter services for converting between stablecoins and fiat currencies.
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