Mastercard agrees to purchase BVNK for up to $1.8 billion

Mastercard announced Tuesday an agreement to buy BVNK, a stablecoin infrastructure company, for up to $1.8 billion, including $300 million in contingent payments.

The deal expands Mastercard’s end-to-end support of digital assets and value movement across currencies, rails and regions.

U.K.-based BVNK describes itself as the stablecoin-powered financial stack for enterprises, which moves money in seconds across more than 130 countries.

Its infrastructure is already used by companies including Worldpay, Deel and Flywire. It processes billions of dollars annually.