Mastercard (MA), Visa (V), Stripe connect crypto to cash as stablecoin payments grow

Mastercard (MA) introduced Thursday its Global Money Platform with BVNK, the stablecoin infrastructure firm it acquired in August. The service combines traditional currency accounts, stablecoin balances, conversions, card spending and bank payouts through one connection.

Banks and fintechs can use the platform to offer accounts that hold both fiat currencies and stablecoins, the firm said. Payments firms Nuvei and Marqeta are among the first customers integrating that service.

Stripe, meanwhile, is working with Plasma XPL$0.07875, a blockchain-based financial services firm, on cards that support balances in dollars, euros, Brazilian reais, Mexican pesos and Colombian pesos, alongside eligible stablecoins.

The companies said they plan to let customers spend from the balance that matches their purchase, cutting unnecessary currency conversions. Stripe’s expanded card infrastructure covers more than 30 countries, with plans to reach over 100 by next year.

Read more: Stripe to expand stablecoin cards to over 100 countries by the end of the year

And Visa (V) said it is bringing stablecoins into the funding side of international payments.

The company said Inyo Global, a payment orchestration firm for fintech, money transmitter, banks, became the first provider to put Visa Direct’s stablecoin prefunding service into commercial use. Payment firms can use Circle’s (CRCL) dollar stablecoin USDC USDC$1.0003 to fund cross-border payouts in nearly real-time instead of waiting for traditional banking windows, while recipients can still receive money through conventional payment channels.