BVNK launches USD payments via Swift for Stablecoin

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Stablecoin payments provider BVNK launches US dollar payments via Swift, enabling global businesses to access its stablecoin services.

This would enable businesses to easily move between US dollars, Euroes and stablecoins including USDT, USDC and PYUSD.

With the new capabilities Swift provides, BVNK customers can “tap into established, efficient global settlements and complete business with inernational partners”.

This new development ensures that BVNK’s payment service provider (PSP) customers and fintechs facing increased demand to move money faster globally, can send US dollars or Euros to the BVNK platform, convert it to stablecoins and make near-instant onward payouts to partners and clients.

FX trading platforms that partner BVNK can also leverage this new development, allowing the customers that use these trading platforms to receive funds in stablecoins from local payment providers and convert them to USD automatically before sending them to their own bank accounts.

“We know that modern businesses want financial flexibility so they can work in the most capital-efficient way,” said Maxim Ivanov, the BVNK Director of Product and Core Banking.

“They want to move funds faster around the world, for less cost and risk. By bringing together bank and blockchain payment rails and currencies in a single platform, we able this for our customers.”

Ivanov further stressed that adding USD and EUR via Swift would enable the customers to take full advantage of the stablecoins to speed up their money movement, “wherever they are based”.

A stablecoin is a form of digital asset, or a type of cryptocurrency that is backed by a specific asset or basket of assets which “they use to maintain a stable value against that asset”.

In other words, stablecoins seek to maintain a stable value “by pegging their market value to an external reference” like a fiat currency such as the US Dollar or a commodity such as Gold.

The primary goal of a stablecoin is to provide an alternative and stable option to the high volatility of popular cryptocurrencies such as Bitcoin (BTC) or Ethereum (ETH).

One of the most popular type of stablecoins currently is the USD Tether (USDT) – which is a partially fiat-backed digital asset.

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