BVNK and Marqeta have partnered to enable stablecoin-backed card issuance for crypto-native and non-crypto businesses.
The collaboration will allow Marqeta's customers to embed stablecoin functionality into wallets, cards, and other financial products, giving users the ability to spend digital dollars at merchants that accept standard payment cards.
Under the arrangement, BVNK will supply the infrastructure that lets Marqeta's customers move and manage stablecoins alongside fiat currencies within existing financial products. Marqeta will continue to handle card issuance, merchant acceptance, and relationships with banks and card networks. According to the announcement, Marqeta selected BVNK's regulated platform to accelerate delivery of the capability while meeting the compliance and operational requirements expected by enterprise customers.
Scale and network context
The partnership links two entities that already sit within Mastercard's network. Mastercard is one of Marqeta's network partners, and BVNK's stablecoin infrastructure has been part of Mastercard since the card network's acquisition of the business in August 2026. As the collaboration develops, Marqeta's customers are expected to gain access to further Mastercard capabilities through the same integration, rather than requiring a separate build.
BVNK, Marqeta, and Mastercard are also participants in Open USD, a stablecoin standard intended to work across networks, providers, and use cases. The companies describe the standard as a shared foundation intended to make stablecoins easier to adopt and scale within payment operations, though its capabilities and adoption remain to be demonstrated in practice.
Market demand and positioning
The partnership responds to demand for stablecoin functionality within mainstream financial products. Research published by BVNK earlier in 2026 found that 77% of surveyed crypto holders would open a stablecoin wallet through their primary bank or fintech app, if such an option were available.
For Marqeta's customers, the integration offers access to stablecoin infrastructure without needing to build or operate it independently. Combined with card credentials, this is intended to allow users to spend stablecoin balances wherever Mastercard is accepted, without requiring merchants to adapt their existing payment acceptance processes.
Anthony Peculic, Chief Strategy Officer at Marqeta, said the company's collaboration with Mastercard and BVNK is intended to let its customers issue stablecoin-backed cards that function across existing card acceptance infrastructure. Moreover, Chris Harmse, Co-Founder and Chief Business Officer at BVNK, added that the aim is to make stablecoin infrastructure operate similarly to existing card rails, allowing developers to use it without requiring specialist blockchain expertise.
Industry implications
The announcement reflects a broader shift of stablecoins from crypto-native applications toward infrastructure supporting mainstream financial services. As stablecoin networks develop, industry participants increasingly position them as an additional payments rail alongside cards and bank transfers.
