Payment Giants Acquire Infrastructure Before Regulations Are Finalized
On September 30, 2026, the UK’s Financial Conduct Authority (FCA) opened its authorisation gateway for cryptoasset firms, including stablecoin issuers, signaling a shift in the regulatory landscape for digital currencies. This move comes as payment giants like Mastercard and Visa are aggressively acquiring infrastructure firms before regulatory frameworks are fully established. Mastercard completed its acquisition of BVNK for up to $1.8 billion on August 3, 2026, highlighting the industry’s focus on owning the infrastructure layer. Jorn Lambert, Mastercard’s chief product officer, noted that digital currencies, particularly stablecoins, are addressing real-world needs in areas such as cross-border B2B payments, remittances, and treasury flows. This strategic move by Mastercard follows Visa’s loss of BVNK to Mastercard and its subsequent issuance of an RFP for a new stablecoin settlement partner. Visa Ventures also invested in London-based startup Velocity, bringing the total to $48 million, positioning it as a leading replacement candidate. The competitive dynamics are driven by the need to control the infrastructure, with the US still awaiting its regulatory infrastructure to catch up. In contrast, the UK is designing stablecoins directly into the payments perimeter, integrating them with regulated payment services. This strategic approach contrasts with the US model, which treats stablecoins more like financial instruments. HSBC’s announcement of a HKD stablecoin for P2P and merchant payments, distributed through its PayMe app, further illustrates the distribution-first thesis in the integrated model. The payment networks are already consolidating infrastructure, positioning themselves for the first wave of institutional-grade settlement volume.
Source: forkast.news — Payment Giants Are Buying the Pipes Before the Lanes Are Built
