Nuvei Adds Stablecoins to Expand Money Movement Operations

Nuvei says it is employing stablecoin rails to expand its global money movement capabilities.

This expansion will allow for faster and more cost-effective payouts to bank accounts, including in emerging markets where traditional infrastructure can cause delays and inefficiencies, the Canadian FinTech said in a Tuesday (Aug. 12) news release.

“By leveraging stablecoin rails to facilitate the backend movement of value, Nuvei offers businesses a powerful new way to move fiat funds across borders with greater speed, efficiency, and cost-effectiveness, helping reduce reliance on costly intermediaries that often delay payments in underserved regions,” Nuvei said in the release.

According to the announcement, this capability expands on Nuvei’s suite of global payout solutions, such as direct bank transfers, real-time payment networks, eWallets, and card networks.

Businesses can now fund virtual bank accounts through local rails, avoiding slower and more expensive Swift transfers.

Once funded, value is transferred across borders via blockchain, allowing for same-day or next-day settlement. In the recipient’s country, local financial institutions connect to domestic payment networks to conclude the payout directly into recipients’ bank accounts in fiat currency, even in places where traditional correspondent banking is “inefficient or unavailable,” the release added.

“With this extension, we’re giving our customers the ability to move fiat account to account, across borders, faster and more cost-effectively than ever before,” Nuvei Chair and CEO Philip Fayer said in the release.

“By using stablecoin rails behind the scenes, we provide a modern and efficient alternative to traditional settlement methods, especially valuable in fast-growing economies where outdated infrastructure holds businesses back.”

The new offering is happening amid a period of increasing use of stablecoins among mainstream financial entities.

As PYMNTS wrote earlier this year, the payments landscape has begun to look to stablecoin payments to provide the digital expectation layer consumers prefer.

“All of this comes down to what consumers and businesses want. It’s not just about cost, but also trust, simplicity and convenience,” Raj Dhamodharan, executive vice president, blockchain and digital assets at Mastercard, told PYMNTS. “Customers want an end-to-end experience.”

“For consumer adoption, most people won’t even know they’re using stablecoins. In the U.S., there’s already a robust electronic infrastructure of wallets, bank accounts, etc.,” he added. “Crypto-native users may interact directly with the blockchain, but most won’t. The real utility for them comes through simple experiences, like using a card linked to a stablecoin account.”