Payments company Corpay (CPAY) adds stablecoin wallets and settlement capabilities for its global corporate clients alongside BVNK to give businesses another way to move money across borders outside of traditional banking hours.
Partnering with BVNK will allow Corpay customers to view stablecoin balances alongside fiat balances within their platform, while allowing them to send, receive, store and convert stablecoins through integrated wallets.
Corpay said it will use the same stablecoin rails in its treasury operations. By doing so, it hopes to reduce reliance on pre-funded accounts, improve capital efficiency and facilitate the movement of funds across its global presence.
The company has also added blockchain-based settlement to its cross-border payments platform through JPMorgan’s Kinexys private blockchain and BVNK’s stablecoin infrastructure. The company said the rails would be used on select corridors.
Those additions are combined with SWIFT, Corpay’s proprietary iACH network and real-time local payment schemes. The new BVNK wallet integration brings stablecoin functionality closer to customers.
BVNK has become one of the leading companies helping payment companies add stablecoin rails. Mastercard agreed in March to buy BVNK for up to $1.8 billion, while Visa partnered with BVNK earlier this year to support stablecoin financing and payments through Visa Direct.
Other payments companies are taking a similar path. Stripe has been creating stablecoin payments through Bridge, while Worldpay has used BVNK to offer stablecoin payments to global businesses.
The use case is mostly operational. Stablecoins offer payments companies another settlement option for liquidity movement, treasury management, and cross-border transfers outside of banking hours.
Stablecoin payments remain a small but growing part of the global monetary movement. Visa data shows that in the last 30 days, more than $1.2 trillion in stablecoin transaction volume, up from $733 billion a year ago.
