Payments processor Thredd has launched an expanded partnership with cryptocurrency exchange Bybit.
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The collaboration involves the rollout of the Bybit Card, the exchange’s multi-currency, crypto-linked payment card, the companies said in a Thursday (Oct. 30) news release.
“Thredd’s processing platform is built to scale and navigate regulatory requirements across regions,” the companies said in the release.
“With a single connection, Bybit can configure market-specific programs that meet local compliance needs while retaining centralized visibility. This flexibility has enabled Bybit to rapidly expand across multiple markets with more on the horizon.”
The release said the Bybit Card has more than 2 million users. With Thredd’s infrastructure, Bybit can issue both virtual and physical Visa and Mastercard payment cards, letting users spend crypto holdings as fiat in real time, per the release.
The partnership also includes full wallet tokenization, allowing integration with Apple Pay, Google Pay and Samsung Pay and other digital wallets.
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“Bybit is building the next era of digital finance, and Thredd is proud to help turn their crypto vision into real-world utility,” Thredd CEO Jim McCarthy said in the release. “Our platform empowers them to scale globally with secure card issuing, wallet tokenization, and rapid onboarding in new markets.”
The partnership comes amid a change to the crypto payments landscape, with new research showing a boom in stablecoin payment volume following new U.S. cryptocurrency legislation.
Upwards of $10 billion flowed through stablecoins in August for goods, services and transfers, according to a recent report from blockchain data provider Artemis Analytics.
That’s compared to the $6 billion recorded in February and more than twice the volume from August of last year. Stablecoin payments could hit $122 billion over a full year, the report said.
“It’s well understood that stablecoins have graduated from merely being a tool used by crypto traders and exchanges to conveniently move money around without relying on banks, to a more widely used tool for consumer and enterprise payments,” the report said.
“Major payments companies such as Visa, Mastercard, and Stripe have begun to incorporate stablecoins into their payment flows.”
The report also offers a caveat, pointing out that stablecoin payments data has tended to be sparse, with estimates compiled from a top-down basis. Artemis says it collected its new data using information from 33 stablecoin-based payment companies which process transactions on behalf of end users.
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