The second half of the stable currency, no longer belongs to the encryption ring

Author: Whitetea block chain

 

ON MARCH 17, 2026, MASTERCARE ANNOUNCED THE ACQUISITION OF BVNK WITH UP TO $1.8 BILLION。

It's a name that's hardly ever heard of outside the circle. But four months ago, Coinbase was willing to buy it for $2 billion, talk about the due diligence phase and give it up at the last minute。

An encryption exchange giant just lost something, a traditional payment giant immediately picked it up and gave it a 90 per cent discount。

The signal of the deal is clear:The struggle to stabilize the currency infrastructure has spread from within the encryption circle to the heart of traditional finance。

Coinbase, no, everything's for sale

Let's start with the abortion。

In October 2025, Coinbase and BVNK signed a sole-sourced negotiation agreement offering approximately $2 billion. After due diligence, the parties announced in November that they would not move forward。The reasons are not known, but speculation within the industry points in several directions:Coinbase, as an encrypted exchange, has much more regulatory pressure on merger review than traditional financial institutions; and Coinbase itself is investing more resources in the inner growth of the Base chain, spending $2 billion on a paying broker, not necessarily the best option。

Everything is almost at the same time as Coinbase's retreat. From getting involved in negotiations to locking in deals, it's fast。

THE TRANSACTION STRUCTURE IS $1.5 BILLION IN CASH ADVANCES PLUS $300 MILLION IN PERFORMANCE. CONSIDERING THAT THE BVNK VALUATION WAS ONLY 750 MILLION WHEN B ROUND FINANCE WAS COMPLETED IN DECEMBER 2024, THE TRADE-OFF OF $1.8 BILLION MEANT THAT IT MORE THAN DOUBLED OVER A YEAR。This premium, not technology, license plates and pipes。

An interesting contrast: in October 2024, Stripe purchased the Stabilised Currency Company Bridge with $1.1 billion. A year and a half later, the offer was 1.8 billion BVNK. The price of stable currency infrastructure continues to rise。THE PRICING OF THIS TRACK IS MOVING FROM THE ENCRYPTED VC TO THE TRADITIONAL FINANCE CFO。

BVNK, WHAT IS IT

For example:

A owner of a furry toy export in Guangzhou collects Nigerian buyers every quarter。The traditional path is to take the proxy line:The money came from a bank in Nigeria, passed through at least two middle lines, deducted several layers of fees, arrived in the accounts two to three days later, and the exchange rate was cut off. Two more days if we catch up with weekends or African banking system maintenance。

THE BVNK THING IS CALLED "STABILIZED-CURRENCY SANDWICH":AT THE FRONT END, LOCAL FRENCH CURRENCY IS COLLECTED, AND THE BACK DESK IS AUTOMATICALLY CONVERTED TO USDC, MOVING THROUGH THE BLOCK CHAIN AND MOVING TO THE DESTINATION FOR LOCAL CURRENCY. THE PROCESS CAN BE CONDENSED TO A FEW MINUTES, AT A LEVEL LOWER THAN TRADITIONAL WIRE TRANSFERS。

But it's not the most valuable part of BVNK. There's more than one company that can do something like that, Fireblocks is doing it, and Circle is doing it。BVNK'S REAL MOAT, IS THAT STACK OF PLATES。

On the British side, it obtained the EMA license issued by the FCA through the acquisition of Systems Pay Services. On the European Union side, it has obtained CASP plates from the Malta Financial Services Authority under the MiCA framework, which are available throughout the European Economic Area. Plus the French currency exchange coverage in more than 130 countries, with an annual processing volume of about $30 billion, clients including Worldpay, Flywire and dLocal, are major players in the payment industry。

I'm sorryBVNK IS A STABLE CURRENCY PLUMBER WHO HAS RECEIVED A GLOBAL PASS. THIS PASS IS MORE EXPENSIVE THAN ANY TECHNOLOGY IN TODAY ' S INCREASINGLY CONTROLLED PERIOD。

REAL INTENT: THE MTN MISSING PUZZLE

EVERYTHING'S GOING TO BUY BVNK, NOT A RUSH。

For the past two years, MasterCare has been placing something called Multi-Token Network (MTN) - a private licensing chain dedicated to the settlement of monetization bank deposits, regulated stabilizers and monetized assets. Both Morgan Chase and Scum Charter Bank have been tested on it。

BUT MTN HAS A FATAL SHORT BOARD: IT'S A CLOSED NETWORK, AND THERE'S NO EFFICIENT BRIDGE BETWEEN THE PUBLIC-CHAIN WORLD。YOU CAN IMAGINE MTN AS A FIXED FREEWAY WITHOUT THE TWO SIDES CONNECTING CITY STREETS。

BVNK IS THE TUNNEL。

WHEN THE TAKEOVER WAS COMPLETED, EVERYTHING WAS GOING TO CHANGE. ATOMIC SETTLEMENT - THE SIMULTANEOUS TRANSFER OF PAYMENTS AND OWNERSHIP WITHOUT DELAY OF 2-3 DAYS FOR ACH OR SWIFT. 24 HOURS A DAY AND A HALF TO CROSS THE B2B SETTLEMENT, REGARDLESS OF WHETHER THE BANK IS OFF DUTY。And programmable payments:For example, a supplier ' s payment, an intelligent contract automatically releases a stable currency only after the logistics system has confirmed the shipment, oracle on the chain。

There is also a system called Crypto Credential, which replaces complex wallet addresses with human-readable aliases (like mailboxes) to ensure that each transaction complies with the FATF travel rules。THE BVNK INFRASTRUCTURE CONNECTS DIRECTLY TO THE SYSTEM, ALLOWING BUSINESSES TO COLLECT STABILIZATION CURRENCY WITHOUT TOUCHING THEIR PRIVATE KEYS。

It's worth looking at the route of everything and Visa。Visa's going to be a friend– In partnership with Solana, and deep binding with Circle, a tokenized asset platform called VTAP focused on retail and USDC。It's all about buying• PAYING HEAVY MONEY TO SWALLOW THE CORE INFRASTRUCTURE DIRECTLY AND BUILD ITS OWN MULTI-CHAIN MULTI-ASSET NETWORK, FOCUSING ON B2B HEAVY SETTLEMENT。

Which way? I don't know. But everything is more expensive and irreversible。

GENIUS ACT: THE REAL CATALYST OF THIS DEAL

It costs 1.8 billion dollarsIN JULY 2025, THE PRESIDENT OF THE UNITED STATES SIGNED THE GENIUS ACT。

This was the first comprehensive currency stabilization federal legislation in the history of the United States. It did a few key things:IT IS CLEAR THAT THE “PAYMENT STABILITY CURRENCY” IS NEITHER A SECURITIES NOR A COMMODITY AND IS GOVERNED BY THE SUPERINTENDENCE OF BANKS (OCC); IT REQUIRES THE ISSUER TO MAINTAIN 1:1 HIGH LIQUIDITY RESERVES AND TO AUDIT THEM ON A MONTHLY BASIS; AND, EVEN IF THE ISSUER IS INSOLVENT, THE HOLDER HAS PRIORITY OVER CLAIMS AGAINST THE RESERVE ASSETS。

Translation:The stability coin is finally not a grey zone。FOR LISTED COMPANIES LIKE MASTERCARE, THIS MEANS THAT THE BOARD CAN APPROVE LARGE M & AS WITHOUT FEAR OF BEING KNOCKED ON BY THE SEC IN THE MIDDLE OF THE NIGHT。

BY BUYING BVNK, A MULTINATIONAL-OWNED ENTITY, MASTERCARE ACTUALLY BOUGHT A “REGULATED SEAT”. WITHIN THE FRAMEWORK OF THE GENIUS ACT, IT IS FREER TO MANAGE AND ISSUE STABILIZATION COINS, AND COMPLIANCE COSTS HAVE BEEN ABSORBED SIGNIFICANTLY。

That's why Coinbase didn't talk and everything worked outAS A LICENSED BANKING SERVICE PROVIDER, BVNK HAS MUCH GREATER REGULATORY CERTAINTY THAN AN ENCRYPTED EXCHANGE。

Who should be nervous

The most direct impact falls on Ripple. Cross-border payments are the story of Ripple for almost a decade, but it always lacks a network that covers 150 million businesses around the world. Now that everything has its own ability to settle the chain, Ripple's narrative has become awkward --Your technology may be earlier, but the pipes are thicker。

It's hard for the traditional agency。IF EVERYTHING CAN BE PAID FOR BY HIGH-VALUE B2B DIRECTLY THROUGH THE CHAIN TRACKS, THE COMMISSION REVENUES MAY FALL OFF THE CLIFF FOR BANKS THAT FEED ON THE INTERMEDIARY FEES OF CROSS-BORDER REMITTANCES。

But there are different voices in the encrypted community. Stabilizing coins, which were originally the product of decentralising the world, now flow in the chain of licences and card holding points — what is the difference with traditional financeThe Bank of England is already worried about another thing:What happens to the credit supply of commercial banks if the stabilizer becomes too useful and consumers move bank deposits into stable currency accounts

Summary

In the endThe stabilization currency is moving from “encrypted products” to “financial pipelines”。In the words of Jorn Lambert, Chief Product Officer, most financial institutions and financial science and technology companies will provide digital money services sooner or later – what needs to be done is to become a conduit。

THE USER SWIPES THE CARD AT THE FRONT END, AND THE BACKSTAGE MAY BE USDC. THEY DON'T KNOW THE CHAIN, THEY JUST KNOW IT'S FASTER AND CHEAPER。

That's the real thing about mainstreaming the stabilizer: Not for everyone to use an encrypted wallet, but for everyone to use a stable coin without knowing it。

With $1.8 billion, it was not a company that had been bought and it was a toll station for the next generation of payment systems。