Citi is the latest big-name traditional financial services player to invest in stablecoin infrastructure platform BVNK.
The size of the investment, made through Citi Ventures, was not disclosed. It comes shortly after Visa made a similar strategic investment and a $50 million Series B round for London-based BVNK.
Stablecoin adoption is exploding, with $27 trillion in total transaction volume globally across 1.25 billion transactions in 2024, according to Visa analysis.
As a licensed electronic money institution in the UK and Europe, BVNK provides named IBANs for EUR and GBP, and access to UK and Europe’s payment schemes including Sepa, Sepa Instant and Faster Payments, so merchants can send and receive payments to suppliers and partners.
The firm processes over $20 billion annually for global enterprises and payment service providers including Worldpay, Flywire, and dLocal.
Arvind Purushotham, head, Citi Ventures, says: "Stablecoins are seeing increased interest in use for settlement of on-chain and crypto asset transactions. We were impressed by BVNK's enterprise-grade infrastructure and their proven track record."