LemFi to use BVNK stablecoin infrastructure for cross-border settlement

LemFi has partnered with BVNK to move parts of its cross-border settlement process onto regulated stablecoin infrastructure, a change the company says is intended to shorten transfer times and reduce back-end costs. The remittance platform said the change will not alter the customer experience in its app, with users continuing to send and receive money in local currencies.

The arrangement covers settlement behind LemFi’s consumer-facing service, which the company says is used by two million people sending money between the UK, Europe, Australia and North America and recipients in Africa, Asia and Latin America. LemFi said BVNK will provide the infrastructure that routes settlement over stablecoin rails before funds are paid out in the destination market’s local currency.

Stablecoins are digital tokens designed to track the value of reference assets, commonly fiat currencies such as the US dollar. In a cross-border payment flow, they can be used as an intermediate settlement asset between regulated entities, potentially reducing reliance on multiple correspondent banks before the final payout is made through local channels.

Settlement layer moves behind the app

LemFi said the partnership is part of a broader plan to replace legacy settlement chains that can involve correspondent banks and SWIFT messaging. The company said users will not hold a crypto balance, interact with stablecoins or leave their local currency as part of the process.

Ridwan Olalere, LemFi’s co-founder and chief executive, said stablecoins would allow the company to settle faster and lower costs, while BVNK would supply infrastructure capable of supporting the process safely and at scale.

The company linked the agreement to a stablecoin settlement strategy announced in May 2026, when Tether made a strategic investment in LemFi to support the use of USD₮ as a settlement layer across the company’s corridors. LemFi did not disclose financial terms for the BVNK partnership.

LemFi said stablecoin payment activity has moved further into mainstream payments infrastructure, citing real-world stablecoin payment volumes of US$7.4 trillion over the past 12 months. It also said analysts expect stablecoins’ share of the cross-border payments market to rise from about 3% today to as much as 20% within 10 years.

Regulatory coverage and remittance costs

BVNK describes itself as an enterprise stablecoin payments infrastructure provider. LemFi said BVNK has more than 25 licences and regulatory approvals across the UK, Europe and the US, with coverage in over 130 countries.

Chris Harmse, BVNK’s co-founder and chief business officer, said remittances are one area where stablecoin-based settlement can have a clear effect, and said BVNK’s infrastructure would support faster and cheaper transfers for LemFi’s customers.

The companies are targeting a market where transfer costs remain elevated by international policy standards. According to the World Bank, the global average cost of sending remittances was 6.36% in the third quarter of 2025. That compares with the United Nations Sustainable Development Goal target of 3% by 2030. LemFi said reaching that target would return about US$20 billion a year to families worldwide.

LemFi said the rollout will take place gradually across corridors and products, market by market. The company said it will use stablecoin settlement only where local central bank and regulatory frameworks permit it.

The partnership follows LemFi’s selection of London as its global headquarters and a £100 million UK investment commitment. The company said it is expanding from remittances into a broader financial platform spanning payments, credit, savings and connectivity for internationally mobile communities.

This story draws on original reporting from Finextra Research.