-BVNK announced recently that it is partnering with Circle in an effort to streamline global business payments.
BVNK explained that they will be working closely with Circle to bring the utility of stablecoin USDC to more types of payments, which will aim to include global payroll and large-scale payouts.
BVNK stated in a blog post that they are forming a key partnership with global financial technology firm, Circle, to bring the utility of the globally-accessible stablecoin USDC to more types of business transactions.
Since the year 2021, BVNK clients have reportedly been able to access the stablecoin USDC on the BVNK platform.
Via this expanded partnership, they now aim to effectively integrate stablecoin USDC more deeply into payment offerings, thus enabling businesses to leverage USDC’s speed and stability.
This reportedly includes making global payroll more efficient and simplifying large-scale customer and contractor payouts.
USDC is said to be a “fully reserved” dollar stablecoin that is “backed 100%” by liquid cash and cash-equivalent assets and is redeemable 1:1 for US dollars.
The USDC reserves are held at regulated financial institutions with “published third party monthly attestations, providing a high level of transparency for BVNK’s customers.”
For BVNK’s high concentration of customers across the EU, their access to USDC is compliant with the Markets in Crypto-Assets Regulation, or MiCA, the European Union’s comprehensive law governing crypto assets.
Global stablecoin payment volumes have been growing quickly, “increasing tenfold since 2020, reaching $2.5 trillion in annual volume earlier this year.”
To meet the demand from BVNK’s customers, the collaboration with Circle will streamline payment operations, “reduce costs, and ensure faster transaction times across borders.”
With USDC, businesses can achieve near-instant payments, providing considerable advantages over traditional methods that are often “subject to delays and costly, while maintaining stability.”
Businesses are diversifying their supply chains, and growing their customer bases globally, but existing payment options “don’t always make that easy.”
As noted in the update, stablecoins like USDC travel “on 24/7 blockchains, connecting buyers and sellers globally in an instant.”
Their partnership with Circle reflects their shared vision to meaningfully accelerate the global movement of money in a secure and compliant manner.
It is also said to demonstrate the growing demand they’re seeing from business customers for efficient, secure ways to reliably settle payments across borders.