Send stablecoin payments
The following guide describes how you can integrate stablecoin payments into your platform via BVNK.
A stablecoin payment refers to sending stablecoins to an end-users' crypto wallet from your BVNK account.
For who is this product intended?
This product is designed for Businesses that want to make payments to their customers in stablecoins and best suited for:
- Gaming Platform
- CFD / FX brokers
- Trading Platforms
- Neobanks
- Payment Service Providers (PSPs)
What is a standard use case for stablecoin payments?
In general, you can imagine a following scenario:
You represent a trading platform and your user has just made some money on selling their XAU/USD asset that was growing for some time. Or you are a gaming platform and your user has just made some money on selling their in-game items. In both cases, your user wants to withdraw their winnings from your platform to their own account.
They go to your platform, click on a Cash out button, and are presented with alternative payout options. The user selects stablecoins and wants to cash out $5000, paid out in stablecoins, from their $10,000 balance available on your platform. By creating a payout request via BVNK your user can now receive stablecoins to their digital asset wallet.
BVNK supports multiple payout use cases, including but not limited to:
- As a Neobank or PSP serving businesses and individuals you would like to allow your customers to payout stablecoins from your platform to pay a supplier.
- You want to pay stablecoins as a salary to your employees and contractors.
How stablecoin payments work?
When you initiate a stablecoin payment, BVNK handles the entire conversion and transfer process:
- Source Wallet: You start with a fiat wallet containing your available balance.
- Conversion: When you create a stablecoin payment, BVNK automatically converts your fiat currency to the requested stablecoin.
- Transfer: The converted stablecoins are immediately sent to the Beneficiary's crypto wallet address.
- Debit: Your fiat wallet balance is debited for the equivalent amount.
This product allows you as a BVNK customer to only ever have to hold fiat balances. BVNK handles the conversion and payout of stablecoins on your behalf.
Supported payment types
BVNK supports various payment combinations to meet different business needs:
- Fiat to crypto: Convert fiat currency to stablecoins and send to crypto wallets.
- Crypto to crypto: Send stablecoins directly from your crypto wallet and convert between different stablecoin types during payment.
What it looks like?
The following diagrams shows the flow of a stablecoin pay out.
Payments go through the following statuses in the workflow:
| Status | Immutable? | Description |
|---|---|---|
PENDING | ❌ | The initial state of a payment. payments will remain in this state until a crypto address to send the payment to has been input, or the payment request is cancelled. |
PROCESSING | ❌ | After a crypto address has been provided by the payer, payments transition into a processing state. |
COMPLETE | ✅ | Once the transaction has been registered on the blockchain and has a hash, the payment will transition to complete. |
CANCELLED | ✅ | If the payment is cancelled or fails, the state will transition to cancelled and the funds will remain in the merchant account. |
EXPIRED | ✅ | The payment expired before the customer inserted the wallet details. |
Once you finalize a payment, please ensure no more API calls will be made to duplicate the withdrawal—transactions on the blockchain are final and cannot be recalled.
Ready to start? Once you have completed all prerequisites above, you can proceed with the integration. The next sections will guide you through:
- Checklist for integration
- Making your first payment
- Handling approvals and rejections for payments