Mentioned:
Mastercard is coming after the opportunity in stablecoins. And they’re putting up more than a billion dollars to do it.
What’s happening:
- Mastercard (NYSE: MA) has successfully completed their acquisition of stablecoin company BVNK
By the numbers:
- Mastercard paid $1.5B USD in cash to purchase BVNK
- BVNK could earn up to an additional $300M USD in performance based milestone payments as part of the acquisition
Why it matters:
- This is the single largest acquisition Mastercard has ever made focused on stablecoin payments
Going deeper:
- BVNK is currently doing approximately $36B USD in annual stablecoin payment volume
- Tiger Global, Coinbase (NASDAQ: COIN) and Citi Ventures were all investors in BVNK’s previous venture capital financing rounds
The intrigue:
- SoFi Technologies (NASDAQ: SOFI) and Mastercard previously partnered on a pilot project to use SoFi Technologies’ SoFIUSD stablecoin as a settlement currency on Mastercard’s global network
