Stablecoins are gaining attention as a way to accelerate cross-border payments, reduce settlement delays and improve the movement of money between businesses and financial institutions. However, Mastercard warns that faster blockchain transactions alone cannot guarantee faster payments.

The challenge, described as the “stablecoin sandwich,” lies in the infrastructure surrounding a transaction. Even when money moves quickly on a blockchain, converting traditional currency into stablecoins and converting them back into local currency can introduce delays.

The concept highlights an important distinction in digital finance: transaction speed is only one part of the payment journey.

Understanding the Stablecoin Sandwich

Stablecoins are digital assets designed to maintain a relatively stable value, typically by referencing a currency such as the US dollar. They can enable transfers over blockchain networks without relying entirely on traditional payment processing routes.

However, many businesses still operate using conventional bank accounts and local currencies. A cross-border transaction may therefore require three stages:

  • On-ramp: Converting traditional money into stablecoins.

  • Blockchain transfer: Moving stablecoins between digital wallets or financial platforms.

  • Off-ramp: Converting stablecoins into traditional currency and delivering the funds to a bank account.

If the first or third stage is slow, the speed of the blockchain transfer offers limited improvement to the overall experience.

For businesses making international payments, the full process matters more than the speed of any individual component.

Why Payment Infrastructure Matters

Traditional banking networks, compliance checks, liquidity availability and local payout systems can all affect how quickly funds reach their destination.

Businesses may also need to manage multiple providers for currency conversion, digital asset custody, payment execution and bank payouts. These separate systems can create operational complexity and additional costs.

Consequently, scaling stablecoin payments requires more than efficient blockchain technology. Providers must connect digital assets with established financial infrastructure while maintaining security, regulatory compliance and reliable settlement.

Mastercard and BVNK Build a Multi-Money Platform

Mastercard is expanding its digital payments strategy following its acquisition of stablecoin infrastructure provider BVNK in August 2026.

In October, the companies launched the Mastercard Global Money Platform, which combines Mastercard's global payments capabilities with BVNK's stablecoin infrastructure through a single API.

The platform supports multi-currency accounts, fiat-to-stablecoin conversion, stablecoin-linked cards and payouts to local bank accounts through Mastercard Move.

The initiative aims to make it easier for banks, fintechs and businesses to manage payments across traditional and digital currencies without integrating multiple providers independently.

What This Means for Businesses

Stablecoins could be particularly useful for cross-border business payments, international supplier settlements, remittances and corporate treasury operations.

For companies operating across multiple markets, faster access to funds could improve cash-flow management and reduce the need to maintain large pre-funded balances in different countries.

However, the actual benefits will depend on local regulations, liquidity, conversion costs, banking access and the reliability of payout infrastructure.

Businesses evaluating stablecoin solutions should therefore measure end-to-end settlement times and total transaction costs rather than focusing exclusively on blockchain speed.

The Future of Cross-Border Payments

The stablecoin sandwich illustrates a broader lesson for financial technology: innovation must extend across the entire transaction lifecycle.

Blockchain networks can provide a faster way to transfer digital value, but seamless payments require effective connections between digital assets, banks, currencies and local payment systems.

As financial institutions develop multi-currency platforms, the competitive advantage may come not simply from moving money faster on-chain, but from making the entire journey faster, safer and easier for businesses and consumers.