Worldpay And Crypto Bank BVNK Collaborate To Offer Stablecoin Payouts

Worldpay has announced a collaboration with cryptocurrency bank BNVK to ensure more efficient stablecoin payouts. The collaboration will enable Worldpay clients in Europe and the U.S. to easily make stablecoin payments to sellers, creators, contractors, customers, as well as other third-party beneficiaries across over 180 markets. These payments can be made almost immediately without the need to handle stablecoins themselves.

Both Platforms Want To Provide A Seamless Payment Process With Stablecoins

Head of Payouts at Worldpay, John McNaught, stated that there is increased confidence in the emergence and growth of crypto assets. As a result, more clients are responding positively to the use of stablecoins to make payments, deal with currency fluctuations, and pay third parties in areas where stablecoins are accepted.

He added that the new service will provide Worldpay clients with the opportunity to pay for goods and services across several platforms. The goal is to provide a seamless payment process with stablecoin via the integration of Worldpay’s payout platforms without dealing with digital assets themselves.

The partnership will enable Worldpay clients to easily access the new stablecoin payment services, but it will be available to everyone after the pilot phase. According to the announcement, the pilot phase will go live during the second half of the year. When it goes live, stablecoins will be the first digital assets to be used as a payment option on the Worldpay platform.

U.S. Congress Sets To Develop Framework For Stablecoin Issuers

Co-founder and Chief Executive Officer of BVNK, Jesse Hemson-Struthers, also commented on the partnership. He stated that there is an increased number of stablecoins in the digital assets industry. Payments with stablecoins are also rising, with about $5.7 trillion made as payments in stablecoins last year.

However, it can be daunting to interact with blockchain technology and crypto, which has slowed down adoption considerably. However, with the partnership involving trusted providers like Worldpay and BVNK, some of these daunting processes can be simplified to provide better services. He noted that the partnership can speed up transaction and processing times while offering high security when making payments using stablecoins.

The collaboration is coming when stablecoins are gaining traction as a more stable payment option for mainstream commerce. Stablecoins now exceed $249 billion in market capitalization, according to crypto data aggregator, CoinMarketCap.com. Tether, which is the largest stablecoin by market cap, has a capitalization of $152 billion with a daily trading volume of around $117 million.

Meanwhile, the U.S. Congress is advancing legislation that will provide frameworks for stablecoin issuers and banks who want to explore the opportunity in the sector.