According to The Block, the payments giant has made the first APIs for buyers and sellers, developer tools, and a testing environment available through early access. Announced in June, the system aims to support card, bank account, and stablecoin payments, along with spending controls. The project is still in the pilot phase and is not yet commercially available.

AI agent purchased research and images

In a demonstration at Cloudflare Connect, marketing agency Hype tasked an AI agent with preparing a campaign for a protein bar launch. Within a budget approved by the agency, the agent purchased social media research from AIsa and obtained eight campaign images through Cloudflare AI Gateway.

A total of nine payments were made to the two providers. The demonstration therefore showed AI not only generating content, but also purchasing the paid services it needed to complete the task.

How did Coinbase and Base fit into the payment process?

The payments used the x402 protocol, developed by Coinbase. The system allows websites and applications to request payments from software and provide services in return. In the demonstration, when a seller requested payment, the agent presented a signed payment credential; after verifying it, the seller delivered the service.

According to Mastercard, these credentials can be aggregated and collected later. This means that each small payment does not need to be settled separately.

Coinbase Developer Platform provided the wallet infrastructure used to fund the agent in the Hype pilot, while on-chain transactions were settled on the Base network. BVNK, which Mastercard acquired in August, also served as the agent’s wallet, enabling payments and settlement in fiat currency or stablecoins through the company’s Global Money Platform infrastructure. Sellers can receive payments in their preferred currency, token, or payment channel.

Mastercard is now asking developers to try the system and provide feedback on features they would like to see added. Early access opens the way for more developers to test the pilot.

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According to documents seen by CoinDesk, Visa has launched a request for proposal (RFP) to fill the role previously held by BVNK, which was acquired by Mastercard this year. The company expects potential partners to support various stablecoins and enable swaps between them.

The RFP also calls for the provision of settlement services for the Open USD project. Led by Stripe, Visa, and Mastercard, the project aims to support multiple stablecoins. Visa requires its prospective partners to hold crypto exchange licenses in the four major markets.

Visa and Mastercard Compete in Stablecoin Infrastructure

The documents specify that Visa is specifically looking for a settlement partner and an OTC partner. OTC refers to the over-the-counter market, where transactions are conducted directly between parties rather than through an exchange order book. However, no agreement has been signed between the parties yet, and Visa has not commented on the matter.

Last month, Visa launched the Visa Stablecoin Platform, a product that enables banks, fintech companies, and payment institutions to access, custody, issue, and transfer stablecoins. The first token supported by the platform is OUSD, short for Open USD.

Competition in the stablecoin space gained momentum with Stripe’s $1.1 billion acquisition of infrastructure firm Bridge in late 2024. According to CoinGecko data, the approximately $300 billion stablecoin market is at the center of the payment infrastructure race between Visa, Mastercard, and Stripe.

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Payment systems giant Mastercard has taken a massive step to strengthen its strategic position in the cryptocurrency ecosystem. This $1.8 billion acquisition proves how serious traditional financial institutions’ interest in stablecoin infrastructure has become. Especially following Stripe‘s $1.1 billion acquisition of Bridge, the intensifying competition between card networks has been one of the biggest factors accelerating this process.

Behind the scenes of the deal, a quite remarkable competition took place. Although crypto exchange Coinbase offered a much higher bid of $2.5 billion for BVNK, the offer was rejected due to a “cultural mismatch” between the parties. Visa, which was among the company’s investors and held a board observer seat, withdrew from the process, choosing to focus on different partnership models rather than acquiring an operator outright.

Why Was Coinbase’s $2.5 Billion Offer Rejected?

BVNK’s founders made a strategic decision to shake hands with Mastercard instead of Coinbase, which offered a higher figure. According to Kjartan Rist, a partner at early-stage investor Concentric VC, the basis of this decision lies in the fact that Coinbase is an exchange while Mastercard is a global financial services company. The founders chose to overlook the billion-dollar difference, believing that their corporate culture and future vision aligned better with Mastercard.

Founded by South African serial entrepreneurs, BVNK started its journey in 2019 with a valuation of just $4 million. Rist likens this massive exit to a sad but proud moment, “like sending your son to boarding school.” The stablecoin market, with a total market cap reaching $300 billion, is no longer just an option for major payment networks but has become an operational necessity. With this acquisition, the use of stablecoins in corporate treasury management and cross-border payments will be elevated to a new dimension.

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Global payment giant Mastercard has made a new move to merge the digital asset world with the trust standards of traditional finance. The company announced a partnership with the global liquidity network Borderless.xyz to verify cross-border stablecoin payment flows and ensure transparency. This collaboration will measure the real-world performance of the Crypto Credential system, which tests the credibility of parties in blockchain transactions.

The Crypto Credential framework offers standardized assurance signals to verify parties participating in transactions on the blockchain. Thanks to this system, financial institutions can conduct compliance and risk management processes much faster and more securely. While operators such as Infinia, Walapay, and Koywe are participating in the pilot program, Borderless.xyz provides infrastructure support with its extensive network covering more than 15 licensed stablecoin providers in over 100 countries.

Stablecoin Adoption Increases with Institutional Trust

Raj Dhamodharan, Mastercard’s Vice President of Blockchain and Digital Assets, emphasized that this step will reinforce confidence in stablecoin payments across a growing network. This move by the company aligns perfectly with the recent acquisition of BVNK and the regulated settlement support launched in June for assets such as USDC, PYUSD, and RLUSD.

Bringing together more than 85 institutions with the Crypto Partner Program announced in March, Mastercard aims to make digital assets a part of mainstream finance. By making stablecoin payments reliable and auditable at an institutional level, the company is solidifying the technology’s place in global trade. This strategic expansion paves the way for digital assets to be accepted not just as an investment tool, but also as a secure payment method.

Mastercard’s Major Move for Stablecoins: New System Spanning Over 100 Countries isimli makale Fatih TAŞDEMİR tarafından hazırlanmış ve koinbulteni.comda yayınlanmıştır.

One of the world’s largest payment networks, Mastercard, has taken a massive step to strengthen its presence in the digital asset ecosystem. By incorporating the stablecoin-focused fintech startup BVNK, the company aims to offer more comprehensive cryptocurrency solutions to its institutional clients. This move opens the door to a new era in the integration of traditional payment methods and blockchain technology.

Announced in March and reportedly valued at approximately $1.8 billion, this acquisition will allow Mastercard to scale the use of stablecoins and tokenized assets for financial institutions and fintech companies. By leveraging BVNK’s technological expertise, the company will enable more efficient use of cryptocurrencies in business-to-business payments, treasury flows, and settlement processes.

Mastercard Ushers in a New Era in Stablecoin Payments

Mastercard Chief Product Officer Jorn Lambert emphasized that the future of the payment world will be a structure where cash, stablecoins, and tokenized deposits work together. Founded in 2021, BVNK provides an infrastructure that allows businesses to send and receive payments over major blockchain networks. Following the acquisition, BVNK’s existing operations will continue, while integrating with Mastercard’s global network strength to develop card functions and new fund transfer methods.

Rapidly increasing its activities in the crypto sector, Mastercard announced last June that it would include regulated stablecoins such as USDC, PYUSD, and RLUSD into its payment network. Additionally, the giant company, which runs a partnership program featuring more than 85 crypto-focused firms, continues to work on cross-border payments and institutional solutions. This strategic move aims to make the role of digital currencies permanent in daily financial transactions.

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