MVB Partners With Velocity for Visa Direct Stablecoin Settlement Pilot

MVB Financial has joined forces with Velocity to take part in a Visa Direct pilot that supports stablecoin-enabled funding and settlement for push-to-card payments. The partnership aims to help financial institutions utilize stablecoin rails within existing banking and payments infrastructure to move and deploy liquidity while maintaining familiar controls, relationships, and systems.

Through their collaboration, MVB will leverage stablecoin payments to settle Visa Direct payouts. This move allows MVB to introduce more adaptable pre-positioning and settlement options for its customers and the company itself. The alliance sets the stage for MVB to harness stablecoin infrastructure for various treasury, settlement, and payment purposes.

Larry F. Mazza, CEO of MVB Financial, stated, "Banking is being rebuilt in real time, and stablecoins are at the center of that transformation. By enabling stablecoins to address inefficiencies in capital movement for payouts, we're empowering our clients with faster, more flexible ways to utilize money."

Eric Queathem, Founder and CEO of Velocity, added, "Stablecoins become truly valuable when they become an integral part of businesses' existing financial infrastructure. MVB has been serving some of the most innovative companies in payments and FinTech, and we're thrilled to bring these capabilities directly into that ecosystem." Queathem emphasized that Visa Direct serves as an ideal starting point, demonstrating how stablecoin liquidity can seamlessly integrate into existing global payment networks.

PYMNTS reported in November that Visa is embracing multirail innovation, incorporating stablecoins and artificial intelligence into traditional systems through services like Visa Direct. This approach aims to facilitate faster, more flexible payments without necessitating a bank account. In December, Visa commenced rolling out stablecoin settlement in the United States, enabling its U.S. issuer and acquirer partners to settle with Visa in Circle’s USDC stablecoin.

This settlement method offers issuers near-instant fund movement, weekly settlement availability, and enhanced operational resilience during weekends and holidays.