Mastercard's $1.8B BVNK deal caps stablecoin startup's rapid rise

Early BVNK backer Concentric has published an account of the stablecoin payments company's development ahead of its $1.8 billion acquisition by Mastercard. BVNK builds infrastructure that lets businesses send, receive and hold payments in stablecoins, bridging fiat banking rails and blockchain settlement. The acquisition gives Mastercard direct ownership of stablecoin payment plumbing at a time when card networks are positioning around dollar-pegged tokens for cross-border settlement. The investor account describes the company's growth from a small operation to a business large enough to draw a nine-figure-plus offer from one of the two dominant global card networks.