Payments company Corpay (CPAY) is adding 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 bank hours.
Partnering with BVNK will allow Corpay customers to view stablecoin balances as well as fiat balances within its platform, while allowing them to send, receive, store and convert stablecoins via integrated wallets.
Corpay said it would use the same stable rails in its treasury operations. It plans to reduce its reliance on pre-funded accounts, improve capital efficiency and thereby facilitate the transfer of funds across its global footprint.
The company also added blockchain-based settlement to its cross-border payments platform via JPMorgan’s Kinexys private blockchain and BVNK’s stablecoin infrastructure. The company said the rails would be used in some corridors.
These additions are in addition to SWIFT, Corpay’s proprietary iACH network and local real-time payment systems. The new BVNK wallet integration brings this stablecoin functionality closer to customers.
BVNK has become one of the leading companies helping payment companies add stable 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 route. Stripe created stablecoin payments through Bridge, while Worldpay used BVNK to offer stablecoin payments to global businesses.
The use case is mainly operational. Stablecoins provide payment businesses with another settlement option for cash movements, treasury management and cross-border transfers outside of banking hours.
Stablecoin payments remain a small part of the global monetary movement, but it is growing. Data from Visa shows that over the past 30 days, stablecoin transaction volume totaled more than $1.2 trillion, up from $733 billion a year ago.
