Stablecoins: Mastercard and BVNK Launch Fiat and Crypto Account, Stripe Targets 100 Countries with Its Cards

Two rails, a speed war. Mastercard announced on October 15 the launch of the Global Money Platform. This is the first integration of BVNK since the acquisition completed in August. Specifically, a single API allows for the opening of multi-currency accounts where dollars, euros, and stablecoins "coexist". It also enables real-time conversion and issuance of cards backed by stablecoins. Finally, it allows payments in local currency via Mastercard Move. Ten days earlier, Stripe announced the expansion of its stablecoin card program. Launched in March in 18 countries, it will be available in over 100 countries by the end of the year. Thus, the acquisition of BVNK for $1.8 billion makes perfect sense.

Key Points

• Mastercard Move reaches over 17 billion payment points, with local currency withdrawals in over 40 currencies and 200 countries announced for 2027.
• Nuvei, Marqeta, Ontop, Beem, and Almond FinTech are the first integrators, and the platform is available now via BVNK.
• Stripe claims $1.2 billion spent on stablecoin cards in September, three times more than a year earlier.

Mastercard and BVNK: One Account for All Currencies

The core of the product is a "global monetary account". A business holds both traditional currencies and stablecoins at the same time, then switches from one to the other without leaving the interface. Around it, Mastercard adds what it knows how to do. First, the issuance of stablecoin-backed cards in over 130 countries, spendable across its entire acceptance network. Next, outgoing payments via Mastercard Move, which deposit a balance in stablecoins into a local bank account. The group also announces for 2027 coverage of over 40 currencies in more than 200 countries and territories. Agentic uses and tokenized deposits will follow.

Raj Dhamodharan, Executive Vice President of Blockchain and Digital Assets at Mastercard, summarizes the ambition: "We believe the future of commerce will be built on interoperability between multiple forms of currency." Chris Harmse, co-founder of BVNK, goes further. According to him, the platform "will become the unique infrastructure layer, not just for stablecoins, but for all forms of currency." Phil Fayer, head of Nuvei, signs the first contract. However, Mastercard's statement does not mention any stablecoin by name. This speaks volumes about the sought neutrality: the company wants to cash in on every token, not choose one.

Stripe, Bridge, and Visa: 100 Countries Before Christmas

On the other side, Stripe is advancing with Bridge, acquired for $1.1 billion in 2024, and with Visa. The prepaid cards backed by a stablecoin balance are issued by Lead Bank and managed by Bridge. They have been integrated into Stripe Issuing since April and are available in 30 countries with a single integration. Moreover, they exist in physical or virtual versions, for individuals as well as businesses. Kraken and Ramp are already using them. On October 5, Stripe set the goal of reaching over 100 countries by the end of 2026. The group also estimates spending on stablecoin cards at about $1.2 billion for the month of September alone. This is three times last year. Stripe aims for over 100 countries for its stablecoin cards before the end of 2026.

The mechanism is the same on both sides. The customer holds digital dollars, and the card converts them at the time of payment. The merchant, on the other hand, receives local currency without any changes. The difference lies in the targeted customers. Stripe is addressing platforms and fintechs that want to issue their own cards. Mastercard, on the other hand, targets banks and large accounts that want to connect stablecoins and fiat to the existing system. Visa, for its part, has been looking for a new infrastructure partner since BVNK moved to its rival.

The regulatory calendar explains the acceleration. The GENIUS Act in the U.S. comes into effect on January 18, 2027, and the final rules from the OCC are expected in November. In Europe, USDC has just been classified as the first "significant" stablecoin under MiCA, under direct supervision of the EBA. Both networks want to be in place when banks are authorized to proceed. Chainalysis also reminds that 99.1% of the stablecoin volume is denominated in dollars. In other words, regardless of the card, it is the greenback that circulates.

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