Payments company Corpay (CPAY) is adding stablecoin wallets and settlement options to its global business customers along with 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 inside its platform, while allowing them to send, receive, store and convert stablecoins through embedded wallets.
Corpay said it will use the same stablecoin rails in its treasury operations. It expects to reduce reliance on pre-funded accounts, improve capital efficiency and make it easier to move funds across its global footprint.
The firm has also added blockchain-based settlement to its cross-border payments platform through JPMorgan’s Kinexy’s private blockchain and BVNK’s stablecoin infrastructure. The company said the rails would be used across select corridors.
These add-ons coexist with SWIFT, Corpay’s proprietary iACH network and local real-time payment systems. The new BVNK wallet integration brings the stablecoin functionality closer to customers.
BVNK has become one of the main firms 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 payment companies are taking a similar path. Stripe has built stablecoin payments through Bridge, while Worldpay has used BVNK to offer stablecoin payouts to global businesses.
The use case is mostly operational. Stablecoins provide payment companies with another settlement option for cash movements, cash management and cross-border transfers outside banking hours.
Stablecoin payments remain a small part of the global money movement, but a growing one. Data from Visa shows over $1.2 trillion in stablecoin transaction volume over the past 30 days, up from $733 billion a year ago.
