March 17 (Reuters) - Mastercard said on Tuesday it would buy stablecoin payments infrastructure firm BVNK for up to $1.8 billion, as the card company deepens its push into blockchain-based transfers.
Increasing regulatory clarity and broader usage of stablecoins have created opportunities for card networks to expand beyond traditional cards into faster, lower-cost digital payment systems. Mastercard and rival Visa are competing to establish an early lead in the fast-evolving segment.
The deal includes
$300 million in contingent payments and is expected to close before the end of 2026.
BVNK, founded in 2021, specializes in infrastructure to bridge between fiat and stablecoins. The platform enables sending and receiving payments on all major blockchain networks across more than 130 countries.
The deal would allow users to use digital tokens for cross-border remittances, business payments and payouts, among others.
"We expect that most financial institutions and fintechs will, in time, provide digital currency services," said Jorn Lambert, Mastercard's chief product officer.
Mastercard has been expanding its digital asset footprint through initiatives such as its Crypto Partner Program, as it aims to integrate blockchain-based payments into its existing network.
(Reporting by Arasu Kannagi Basil and Prakhar Srivastava in Bengaluru; Editing by Shinjini Ganguli)
