Payments giant Corpay (NYSE: CPAY), an S&P 500 company serving over 800,000 clients and processing more than $12 billion in corporate payments monthly, has partnered with stablecoin infrastructure platform BVNK to integrate stablecoin wallets and settlement capabilities into its global payments network. The integration enables embedded wallets that allow corporate customers to store, convert, and transfer stablecoins, with balances displayed alongside fiat currencies on Corpay’s platform. The firm will also use stablecoin rails in its own treasury operations, aiming to reduce reliance on pre-funded accounts, improve capital efficiency, and facilitate around-the-clock movement of funds across its global footprint.
Mark Frey, Group President of Corpay Cross-Border Solutions, emphasized the critical need for quick and reliable liquidity at Corpay's scale, adding that stablecoins introduce 24/7 settlement that strengthens its existing infrastructure. BVNK provides the technology and compliance framework to deliver the service securely. Corpay already added blockchain-based settlement through JPMorgan’s Kinexys private blockchain and BVNK’s stablecoin rails for select corridors, complementing its existing SWIFT, proprietary iACH network, and real-time local payment schemes.
The move reflects a broader industry trend where payment firms are adopting stablecoin rails. Mastercard recently agreed to acquire BVNK for up to $1.8 billion, while Visa partnered with BVNK to support stablecoin funding and payouts via Visa Direct. Stripe has built stablecoin payments through Bridge, and Worldpay uses BVNK for stablecoin payouts. Data from Visa shows over $1.2 trillion in stablecoin transaction volume over the past 30 days, up from $733 billion a year earlier. The total supply of dollar-pegged stablecoins has reached $301 billion, with Tether’s USDT at $189.7 billion and Circle’s USDC at $79 billion, according to The Block’s data dashboard.
