Eight Firms Power Stablecoin Corporate Cards in 2026

Eight firms supply the infrastructure for stablecoin-backed corporate cards in 2026: BVNK, Bridge, Zero Hash, Rain, Baanx, Marqeta, Reap and Immersve. Their services cover stablecoin settlement, card issuing, processing and network access.

Stablecoin card spending increased 673% year over year. Visa reports that payment volume on stablecoin-linked cards rose nearly 200% over the same period across more than 160 live programs. Business and commercial cards represented about 17% of Visa’s stablecoin-linked card volume in fiscal 2026.

The infrastructure generally has three parts. A stablecoin provider holds balances, manages liquidity and converts digital dollars into fiat for settlement. An issuer or processor creates cards, authorizes transactions and handles compliance. Visa or Mastercard connects the card to merchants. Corporate programs may also include spending limits, employee cards, multi-entity reporting and reconciliation tools.

BVNK combines stablecoin accounts with Mastercard card issuing. Mastercard completed its acquisition of BVNK in August 2026. BVNK’s card issuance covers more than 130 countries, while its cards can be used wherever Mastercard is accepted in more than 200 countries and territories. A broader card launch is scheduled for the first quarter of 2027. Marqeta partnered with BVNK in September to allow its customers to issue stablecoin-backed cards through BVNK’s infrastructure.

Bridge, Stripe’s stablecoin infrastructure platform, combines stablecoin accounts with Visa card issuing. Its cards were live in more than 30 countries by October 2026, up from 18 in March. Stripe has set a target of more than 100 countries. Bridge customers include Ramp and Kraken. On Oct. 15, Stripe announced multi-currency stablecoin cards with Plasma as a design partner. The cards are intended to support the U.S. dollar, euro, Brazilian real, Mexican peso and Colombian peso, but no launch date has been announced.

Zero Hash provides the stablecoin infrastructure rather than issuing cards. Its services include custody, liquidity, conversion and settlement. A separate processor handles card issuing and network access. Marqeta partnered with Zero Hash in July 2026, with Marqeta managing card operations and Zero Hash providing the stablecoin services. Zero Hash is licensed in 51 U.S. jurisdictions and has authorization under the European Union’s Markets in Crypto-Assets framework and an electronic money institution license in the Netherlands.

Rain operates as a card issuer, program manager and stablecoin infrastructure provider. It is a principal member of Visa and Mastercard and offers consumer and corporate cards. Rain reports that its programs are used in more than 150 countries. Its clients include Western Union, MoneyGram, Nuvei and Kast. The company raised $250 million in a Series C funding round led by ICONIQ in January 2026.

Baanx provides program management and card technology for crypto and stablecoin products, including cards linked to self-custodial wallets. It works with Visa and Mastercard and powers the MetaMask Card, which launched nationwide in the United States with Mastercard in February 2026. Baanx also provides cards for Ledger and Exodus and operates programs in the United Kingdom, European Union and United States.

Marqeta provides card creation, authorization, processing and network connectivity for fintechs and businesses. It uses external stablecoin providers instead of holding or converting stablecoins itself. In 2026, Marqeta announced partnerships with Zero Hash in July, BVNK in September and Coinbase in October. It operates in more than 40 countries and supports programs on Visa and Mastercard.

Reap, a Hong Kong-based issuer and infrastructure provider, began with corporate cards and now supports stablecoin-linked programs in more than 100 markets. It is a Visa principal issuer in Hong Kong and Mexico and participates in Visa’s Asia-Pacific stablecoin settlement program. In September 2026, Reap and Visa announced stablecoin-linked Visa credit card programs across more than 100 markets. Payward, Kraken’s parent company, agreed to acquire Reap for $600 million in May, but the acquisition remains pending.

Immersve provides Mastercard issuing, BIN sponsorship and tools that connect wallet balances to card payments without custody of the funds. In April 2026, it began issuing KuCoin’s KuCard in Australia, allowing users to spend USDC through Apple Pay and Google Pay. Immersve also powers the Bitget Wallet card and operates in Australia, New Zealand, the United Kingdom, the United States and the United Arab Emirates.

In a corporate program, a company can hold dollar stablecoins in a digital account and issue virtual cards to employees in multiple countries. When an employee pays a merchant, the issuer checks the card limit and available balance. The settlement provider converts the required amount into local fiat for the card network and merchant. The merchant receives local currency through its existing card process.