Today Mastercard launched its Global Money Platform (GMP), the first product to emerge from its $1.8 billion acquisition of stablecoin infrastructure firm BVNK, which closed in August. The platform gives banks, fintechs and enterprises a single API for accounts that hold fiat currencies and stablecoins side by side, with conversion between the two. It also supports stablecoin linked cards and payouts into local bank accounts and cards through Mastercard Move. On the same day Visa announced that Visa Direct stablecoin prefunding for cross border payments, piloted since 2025, has moved into production with processor Inyo Global as the first enabler.
The Mastercard platform is available immediately. Early customers are named as Nuvei, Marqeta, Ontop, Beem and Almond FinTech, although it is not clear whether they are at the integration or production stage. Mastercard said Move payouts will reach more than 40 currencies across more than 200 countries during 2027, with tokenized deposits planned.
The two announcements show how differently the card networks have approached stablecoins over the past year. Visa has layered a series of partnerships and integrations onto its existing businesses, from settlement across multiple blockchains to the Visa Stablecoin Platform (VSP) launched in July. VSP offers some similar functionality to GMP, such as minting, redeeming, holding and transferring stablecoins, but was launched as a standalone product. Mastercard bundles most of those functions behind a single integration that also handles fiat.
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