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PAYMENTS GIANT VISA INVESTS IN STABLECOIN INFRASTRUCTURE FIRM BVNK IN US MARKET EXPANSION
Credit card giant Visa is investing in the stablecoin payments network BVNK as a way to upgrade its business-to-business (B2B) transaction infrastructure.
In a new company blog post, BVNK CEO and co-founder Jesse Hemson-Struthers revealed that Visa is making an undisclosed investment into the firm to help automate and streamline global stablecoin payments between businesses.
“At BVNK, we recognized early that stablecoins would emerge as an instant global payment rail and a viable alternative to the traditional correspondent banking system.
That’s why we’ve built our infrastructure from the ground up to automate and orchestrate stablecoin payments at scale, making these new rails accessible to businesses of all sizes.”
According to Hemson-Struthers, partnering with Visa, which he calls the:
“original payments innovator,”
will fundamentally change how businesses operate digitally and assist the UK-based BVNK in its expansion into the US.
“What makes me proudest is seeing the real-world impact of our technology.
We’re currently processing $12 billion in annualized stablecoin payment volumes, enabling our customers to move money globally with unprecedented speed and efficiency. The momentum continues with our expansion into the US market this year.”
Rubail Birwadker, head of growth products and partnerships at Visa, added:
“Stablecoins are fast becoming a part of global payment flows, and Visa invests in new technologies and builders like BVNK, staying at the forefront of what’s next in commerce to better serve our clients and partners.”
In December, BVNK closed a $50 million Series B fundraising round, with participation from major venture capital firms including Coinbase Ventures.
@ Newshounds News™
Source: DailyHodl
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BRICS: ONLY 33% OF TRADE SETTLED IN US DOLLARS
Russia’s Foreign Minister Sergey Lavrov confirmed that BRICS members have settled 67% of trade in local currencies, with only 33% of deals paid in US dollars. The significant gap highlights the seriousness of the de-dollarization agenda, suggesting that the motive to topple the greenback is gaining traction.
“National currencies already account for more than 65% within the framework of trade among BRICS members,” said Lavrov.
“The dollar’s share declined to one-third against such a background,” he told Tass.
BRICS members have executed roughly 67% of cross-border trade for goods and commerce in local currencies, while US dollar payments make up just 33%. De-dollarization is becoming a serious global concern, and critics warn that ignoring this trend could harm the US economy in the long run.
Developing countries are now more economically empowered than in previous decades, boasting:
- Robust and growing GDPs
- Expanding manufacturing bases
- Leverage over Brent Crude oil
- Greater influence in global markets
Additionally, many of their local currencies are outperforming the US dollar, compounding pressure on the greenback.
The BRICS alliance is gaining power and may seriously challenge the US dollar by the end of the next decade.
BRICS: US Dollar Usage in Trade Transactions Only 33%
If more countries adopt the de-dollarization movement led by BRICS, the US dollar—and broader economy—could face severe challenges. BRICS expansion is particularly concerning, as newer member countries bring additional strength to local currency systems.
The next 15 years may be pivotal: either the dollar reasserts its dominance, or it risks being overtaken by a rising wave of emerging economies.
@ Newshounds News™
Source: Watcher Guru
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