PANews reported on March 26th that, according to The Block, Mizuho analysts Dan Dolev and Alexander Jenkins stated that Mastercard's acquisition of stablecoin startup BVNK is expected to make it a "network connector" between fiat currency and cryptocurrency. The analysts pointed out that stablecoins will be an accelerator rather than a threat to existing networks, especially in areas such as B2B cross-border payments, remittances, the creator economy, and the gig economy, where card penetration is limited. Stablecoins can unlock faster, cheaper, and 24/7 payment capabilities. The analysts maintained their "outperform" rating on Mastercard with a target price of $666.
Mastercard previously announced its plan to acquire BVNK for $1.8 billion . BVNK provides fiat and cryptocurrency deposit and withdrawal channels, stablecoin and tokenized deposit conversion, cross-chain functionality, and wallet infrastructure. Mizuho pointed out that BVNK's permissioned framework enables customers to quickly launch their businesses and supports the long-term transition to self-managed, bank-owned infrastructure; while Mastercard has joined the Global Crypto Partners program, which comprises more than 85 crypto-native companies.
