The second half of stablecoins no longer belongs to crypto

【Plain Language Guide】In March 2026, Mastercard acquired BVNK, a stablecoin infrastructure company, for up to 1.8 billion dollars——four months earlier, Coinbase's 2 billion offer fell through.

This "10% discount bargain" deal marks the stablecoin battle expanding from the crypto circle into the heart of traditional finance. What Mastercard valued is not the technology, but BVNK's multi-country licenses, global payment pipelines and annual 30 billion processing volume. It bridges the public chain gap for MTN license chains, achieving atomic settlement, programmable payments and compliant stablecoin deployment.

After the GENIUS Act came into effect, this acquisition allowed Mastercard to seize the next-generation payment tollbooths under regulatory dividends, with Ripple and traditional correspondent banks facing the greatest impact.

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