Visa and Mastercard face £700m class action over post-Brexit fees

Mastercard and BVNK launched the Mastercard Global Money Platform, integrating stablecoin tech with Mastercard's network. The platform enables multi-currency accounts, stablecoin-linked cards, and global payouts. Nuvei and Marqeta are among early adopters. The service supports 40+ currencies in 200+ countries by 2027, with stablecoin spending at millions of merchants.

Mastercard launched the Global Money Platform, integrating fiat and stablecoins via BVNK's infrastructure. The platform offers multi-currency accounts, real-time conversion, and stablecoin-linked cards. Nuvei and Marqeta are early adopters. The service is available now through BVNK, with plans to expand to 40+ currencies in 2027.

Brazil's antitrust authority cleared a stablecoin venture involving Visa, Mastercard, Coinbase, Stripe, and Shopify without conditions. The decision, signed on October 14, was published on October 15. Open USD, the stablecoin, is already operational in over 100 countries. The ruling does not immediately impact Brazilian users or sales, as the coin is not yet offered in Brazil.

Visa received preliminary approval to establish a domestic bank card clearing institution in China, according to the People's Bank of China. CEO Ryan McInerney called this a significant step, allowing Visa to issue Visa-branded payment products in China once operations begin. The subsidiary has one year to complete preparations before applying for a license. Visa has long provided cross-border services but cannot issue RMB cards without the license.

Visa received approval from China's central bank to prepare for local clearing operations, a step toward competing in China's payment market. The process will take a year, and Visa must apply for an operating license. China's payment market processed 4.6 trillion transactions in 2025, with 10.27 billion bank cards issued by mid-2026. Visa's entry follows similar approvals for Mastercard and American Express.

Visa's survey found 56% of Americans are open to stablecoins with bank-level protections, though 56% had never heard of them. Visa settles $20B annually in stablecoins, up 15x in a year, and supports 160 stablecoin-linked card programs. Investors may focus on payment providers like Visa, Mastercard, and American Express, as well as stablecoin issuers like Circle Internet Group.