Card Companies Go All-In on the 'Stablecoin Wave'... "Bringing It Into the Network"

Mastercard Acquires Stablecoin Infrastructure Firm

Domestic Card Issuers Accelerate 'Hybrid Payment' Development

"Operational Experience with Payment Infrastructure Gives Card Companies a Competitive Edge"

Global credit card companies and domestic card issuers are increasingly moving to integrate stablecoins into their existing payment networks. There is a clear strategy emerging to bring digital asset-based transactions, which have the potential to change payment and settlement structures, into card networks.

According to the financial sector on March 19, global payment network operator Mastercard recently announced plans to acquire stablecoin infrastructure provider BVNK for up to 1.8 billion dollars (approximately 2.67 trillion won). BVNK acts as an intermediary, enabling general businesses to use stablecoins for payments and settlements, and provides conversion between fiat currencies and digital assets as well as on-chain settlement functions.

Once the acquisition is finalized, Mastercard will be able to directly connect its existing card network with stablecoins, thereby restructuring its payment and settlement methods. Within the card network, consumers and companies will be able to pay merchants in fiat currency using their stablecoins, or convert fiat currency into stablecoins.

Rival Visa is also responding quickly. Visa is collaborating with Bridge, a platform that provides APIs to enable the direct construction of stablecoin-based payment services. By the end of this year, Visa plans to expand its stablecoin-linked card services to more than 100 countries worldwide, including in Europe, Asia-Pacific, Africa, and the Middle East. In some countries, these services are already operational, and Visa is also working to expand everyday payment options by integrating with major digital asset wallets such as MetaMask and Phantom.

The acceleration of stablecoin infrastructure development among global card companies is based on the belief that digital asset-based payment methods can fundamentally change settlement structures. Since stablecoins enable the transfer of funds simultaneously with transactions, they can significantly reduce the intermediary and settlement times that occur with traditional card payments.

Korean card companies are also taking action. BC Card is working with U.S. digital asset exchange Coinbase to conduct a pilot project for the domestic use of the U.S. dollar stablecoin USDC. Woori Card plans to introduce a 'hybrid payment' function, which includes stablecoin payments, by incorporating a digital asset wallet into its own app. In addition, KB Kookmin Card has filed a patent for a payment technology that links a blockchain-based electronic wallet address with a credit card. Hana Card is collaborating with Circle and Crypto.com to market stablecoin payment services to foreign visitors to Korea. The Credit Finance Association of Korea also plans to begin a proof-of-concept (PoC) for card network-based stablecoin payment technology in cooperation with domestic blockchain technology firms.

A financial industry official said, "Stablecoins are becoming a core infrastructure, not just as a payment method, but also as a bridge between traditional finance and digital assets. For card companies, it is inevitable to adopt a strategy of absorbing this trend into their existing payment networks, rather than leaving it solely to outside competition." The official added, "The payment infrastructure and accumulated operational experience of the card industry will serve as key competitive advantages."

This content was produced with the assistance of AI translation services.