NYSE-listed Bakkt, which operates regulated infrastructure for trading, stablecoin settlement and cross-border payments, has chosen issuer processing platform Thredd to support its planned credit card-as-a-service programme. Under the agreement, Thredd will supply card processing and integrated credit infrastructure, extending Bakkt’s settlement rails into consumer credit products issued by partner banks.
Thredd will also provide tokenisation, digital wallet integration, fraud and risk management, and loyalty services tailored to the programme. According to the companies, Bakkt selected Thredd because its unified technology stack removes the need to build and manage separate connections between consumer credit and payment components.
The two firms are engineering the programme around Bakkt’s specific requirements, rather than fitting it into a traditional card processing model. Jim McCarthy, CEO of Thredd, said that a credit card settling in stablecoins requires close integration across processing, lending, and digital asset infrastructure. He also added that combining card processing with credit capabilities is intended to reduce operational complexity, allowing Bakkt to offer its clients a direct payment product.
Extending stablecoin settlement to consumer spending
Bakkt positions its infrastructure as serving the AI and token economy, moving value for institutions and across borders on demand. The card programme is designed to apply that same settlement infrastructure to everyday consumer spending.
Ankit Khemka, Chief Product Officer at Bakkt, said that Thredd’s platform gives the company a single integration where the market would typically expect several. The official also said that the company believes stablecoin settlement could change the economics of consumer credit in the same way it is already changing the economics of cross-border payments.
The arrangement follows a layered model. Partner banks issue the credit products, Thredd handles processing and credit infrastructure, and Bakkt provides the stablecoin settlement layer. This structure allows a digital asset infrastructure provider to take part in card-based consumer credit while issuance remains with regulated banking partners.
Timeline and conditions
An initial proof of concept is targeted for the first half of 2027. The companies have stated that the programme remains subject to product readiness, client launch timing, bank and network requirements, and applicable approvals. No date for a full commercial launch has been disclosed.
