Key facts
- Stellar's XLM token price increased by approximately 2% to $0.2141.
- BVNK has integrated Stellar's network into its stablecoin payments platform.
- The integration allows businesses to use Stellar for cross-border payments, payouts, remittances, and treasury transfers.
- BVNK's platform now offers Stellar as a settlement rail across more than 130 markets.
- Mastercard recently acquired BVNK for up to $1.8 billion, expanding its stablecoin infrastructure.
- U.S. Bancorp recently conducted a cross-border stablecoin payment test using Stellar.
Stellar's native token, XLM, saw a price increase of approximately 2% to $0.2141 following the announcement that BVNK has integrated Stellar's blockchain network into its stablecoin payments platform. This integration aims to provide businesses with a new, low-cost, and fast settlement rail for cross-border payments, remittances, and treasury transfers across more than 130 markets.
BVNK, which recently became part of Mastercard following an $1.8 billion acquisition, offers a single API connection to various blockchain networks. The addition of Stellar is expected to enhance its existing payment infrastructure by providing another efficient channel for institutional money movement. Kimberley Mescal Julien, BVNK's head of partnerships, emphasized the benefit of not needing separate blockchain connections, while Denelle Dixon, CEO of the Stellar Development Foundation, highlighted the growing use of Stellar for institutional transfers and settlements.
This development follows a recent cross-border stablecoin payment test conducted by U.S. Bancorp using Stellar, further underscoring the network's increasing adoption for enterprise use cases and institutional finance.