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According to The Block, Mizuho analysts Dan Dolev and Alexander Jenkins stated that after Mastercard's acquisition of the stablecoin startup BVNK, it is expected to become a "network connector" between fiat and cryptocurrency. The analysts pointed out that stablecoins will serve as accelerators for existing networks rather than threats, especially in areas such as B2B cross-border payments, remittances, the creator economy, and the gig economy, where card penetration is limited, and stablecoins can unleash faster, cheaper, and round-the-clock payment capabilities.The analysts maintained Mastercard's "outperform" rating, with a target stock price of $666. Mastercard previously announced plans to acquire BVNK for $1.8 billion, which provides fiat and cryptocurrency deposit and withdrawal channels, stablecoin and tokenized deposit conversions, cross-chain functionality, and wallet infrastructure. Mizuho noted that BVNK's licensing framework allows clients to quickly launch their businesses and supports a long-term transition to self-managed banking infrastructure; meanwhile, Mastercard has joined a global crypto partnership program consisting of over 85 crypto-native companies.

Investment bank Mizuho stated that after acquiring the stablecoin infrastructure company BVNK, Mastercard is expected to become a "network connector" linking crypto assets with fiat currency systems, further expanding its payment ecosystem.Analysis indicates that stablecoins will not undermine Mastercard's core card payment business; instead, they will serve as an "accelerator" for its network, particularly in areas such as B2B cross-border payments, remittances, and the creator and gig economy, facilitating faster, lower-cost, 24/7 capital flow. Mizuho maintains an "outperform" rating on Mastercard and sets a target price of $666.Analysts believe that in the aforementioned emerging scenarios, the penetration rate of traditional bank cards remains relatively low, and stablecoins are expected to fill this gap, while card payments will continue to serve as the core entry point for consumers. It is reported that Mastercard has agreed to acquire BVNK for up to $1.8 billion. This transaction is seen as an important step in continuing its role as a "network connector," expanding its business into the conversion and settlement between stablecoins and fiat currencies.Against the backdrop of a gradually loosening regulatory environment and traditional payment giants like Visa and Stripe accelerating their layout in stablecoins, stablecoins are becoming an important growth direction for the global payment system.

According to Bloomberg, Mastercard plans to acquire the stablecoin infrastructure startup BVNK for up to $1.8 billion, which includes $300 million in contingent consideration. This acquisition news comes just four months after the failed merger talks between BVNK and Coinbase, which were valued at about $2 billion. Both parties jointly issued a statement on Tuesday confirming the transaction.

According to The Block, the U.S. Court of Appeals for the Tenth Circuit voted 7 to 3 to deny Custodia Bank's request for an en banc review, upholding the October 2025 panel's ruling that the Federal Reserve has the authority to approve or deny master account applications from eligible institutions.Notably, just days ago, the Kansas City Fed granted Kraken its first limited cryptocurrency master account, while the Federal Reserve is also developing a broader "streamlined master account" framework.Custodia is a Wyoming-chartered special purpose depository institution founded by Wall Street veteran Caitlin Long. The company first applied for a master account in October 2020. The Kansas City Federal Reserve Bank confirmed in early 2021 that there were "no significant issues" with the application, but ultimately denied it in January 2023 due to concerns about the bank's focus on a cryptocurrency business model.Custodia filed a lawsuit in June 2022, initially regarding a 19-month delay in approval, and later argued that the Currency Control Act grants any eligible depository institution the right to obtain a master account by law. Courts at all levels dismissed the lawsuit.

According to Bloomberg, Mastercard is recruiting over 85 digital asset companies, payment providers, and financial institutions to join a new global partnership program, which includes Circle, Binance, and Gemini.The program aims to maintain the connection between crypto payments and the Mastercard network, while positioning stablecoins as an alternative to traditional payment rails.

According to market news, Binance, PayPal, and Ripple have joined Mastercard's new initiative in the blockchain payment sector.

Mastercard and Google jointly released the open standard framework Verifiable Intent, designed specifically for the "agent commerce" scenario where AI agents autonomously complete shopping transactions. This framework utilizes cryptographic technology to create tamper-proof authorization records when AI agents execute transactions on behalf of users, integrating identity, intent, and actions into a single privacy-protecting audit trail, addressing the issue where merchants and issuing institutions cannot confirm whether consumers truly authorized a transaction when AI agents place orders autonomously.The framework employs selective disclosure technology to ensure that parties only receive necessary information and integrates widely adopted industry standards such as those from the FIDO Alliance and EMVCo. Mastercard stated that Verifiable Intent will be integrated into its Agent Pay API in the coming months.Meanwhile, the cryptocurrency camp is also actively positioning itself. Coinbase CEO Brian Armstrong pointed out that while AI agents cannot open bank accounts, they can hold cryptocurrency wallets, indicating that blockchain infrastructure may be more suited to the future of the AI agent economy.

According to market news, TD Cowen stated that more cryptocurrency companies are expected to obtain such permissions this year, following Kraken's approval for a Federal Reserve master account.Kraken Financial has become the first cryptocurrency company approved to access the Federal Reserve's core payment system, with the Kansas City Fed granting it a one-year "limited purpose" account, subject to undisclosed restrictions based on its business model and risk profile. Kraken qualified for the application due to its possession of a special purpose depository institution license in Wyoming, classified as a "Tier 3" entity by regulators.TD Cowen pointed out that although banking organizations have raised objections and may file lawsuits, banks are powerless to prevent such approvals. The Federal Reserve is expected to limit Kraken's credit services, and it may not be able to earn reserve interest. Other cryptocurrency companies with slower application progress may need to wait for the Federal Reserve to finalize a streamlined review framework.

According to market news, after the Federal Reserve approved the main account application of the cryptocurrency exchange Kraken, U.S. banking organizations expressed strong opposition, warning that this move could allow cryptocurrency institutions to access the central bank's payment system without the same regulatory protections as traditional banks.The Bank Policy Institute stated that it is "deeply concerned," believing that the Kansas City Fed approved the application before the Federal Reserve finalized the framework for a limited-purpose main account policy, and that the approval process lacked transparency. The Independent Community Bankers of America also stated that allowing non-bank entities and cryptocurrency institutions to access main accounts poses risks to the banking system. A Federal Reserve governor mentioned last month that they hope to launch a streamlined account structure later this year.Some participants in the cryptocurrency market believe that Kraken's approval signifies a breakthrough in establishing non-depository banking operations that do not rely on loans. In a previous news report, it was mentioned that Kraken was approved for a "streamlined" Federal Reserve main account, becoming the first cryptocurrency company authorized to access the Federal Reserve's core payment system, Fedwire.

Crypto journalist Eleanor Terrett posted on social media that Kraken, the second-largest crypto exchange in the U.S., has just accomplished something no other crypto company has done before—obtaining key access qualifications from the Federal Reserve.Kraken's banking division, Kraken Financial, has received approval from the Kansas City Fed to open a master account with the Federal Reserve. This marks the first time a native crypto company has gained (albeit with limited permissions) direct access to the Federal Reserve's payment system.This approval comes five and a half years after Kraken submitted its application to the Kansas City Fed in October 2020. The account allows Kraken to directly access the Federal Reserve's payment system, but does not include the right to use the Fed's lending tools. The company can hold reserves and settle with central bank funds, but cannot issue loans, use the discount window, or operate as a traditional commercial bank.According to sources, Kraken's approval is seen as a pilot project to test this new model. This decision is historically significant for the crypto industry, which has long been excluded from the traditional banking system, and indicates a shift in the Federal Reserve's stance. This move could trigger a wave of applications from other crypto companies seeking master accounts with the Federal Reserve. Custodia Bank, Anchorage, and Ripple's U.S. banking partner have all applied for master accounts.

American digital bank SoFi has announced a strategic partnership with Mastercard to integrate SoFi's stablecoin SoFiUSD into Mastercard's global payment network and its digital asset platform, Mastercard Multi-Token Network (MTN). SoFiUSD is built on a public, permissionless blockchain and was first announced by SoFi at the end of last year.Sherri Haymond, Mastercard's Global Digital Commerce Lead, stated that this collaboration aims to expand the global application scale of trusted digital currencies. SoFi had resumed its cryptocurrency trading services last November after previously suspending related operations in 2023 due to regulatory uncertainties.This partnership is also the latest move by Mastercard to continue its blockchain strategy. In June of last year, Mastercard partnered with Chainlink to allow cardholders to purchase cryptocurrencies directly on-chain.

According to market news, Mastercard is hiring a Director of Cryptocurrency Liquidity to further delve into the DeFi space.The role's positioning includes:Card-based cryptocurrency entry + issuance linked to stablecoinsScalable and stable digital currencies, tokenized assets, and DeFi payment processesUpgrading network rules and adding risk control measures for Web3 transactions

According to The Block, Federal Reserve Governor Christopher Waller stated that the central bank plans to introduce a "streamlined master account" proposal by the end of 2026, which will provide limited access to the U.S. payment system for non-traditional financial institutions, but will not include features such as interest payments and discount window borrowing.Meanwhile, the legislative process for Congress's cryptocurrency market structure bill "Clarity" has stalled due to political divisions. Waller noted that as Bitcoin has fallen from its historical high of $126,000 to around $70,000, the "frenzy" in the cryptocurrency market triggered by the Trump administration is fading.

According to informed sources, Mastercard is considering a strategic investment in blockchain infrastructure company Zerohash after the acquisition negotiations were terminated.Previously, the acquisition talks ended as Zerohash chose to remain independent. According to reports from last October, Mastercard had entered the later stages of negotiations to acquire Zerohash, with a potential purchase price of up to $2 billion. Mastercard declined to comment on this.