Comparison · 2026 edition
BVNK vs Circle Mint: stablecoin settlement compared 2026.
BVNK and Circle Mint side by side in the Stablecoin Settlement Index 2026: scores, evidence, published facts and awards.
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BVNK and Circle Mint side by side in the Stablecoin Settlement Index 2026: scores, evidence, published facts and awards.
In the Stablecoin Settlement Index, Circle Mint scores higher overall: 4.0 out of 5 (79 out of 100) against 3.4 (67), ranking 1 and 4 of 14. Circle Mint also scores higher in every segment.
Overall and segment scores out of 100, and the score out of 5.
| Score | BVNK | Circle Mint |
|---|---|---|
| Score out of 5 | 3.4 | 4.0 |
| Score out of 100 | 67 | 79 |
| Overall rank | 4 of 14 | 1 of 14 |
| For receiving from buyers (out of 100) | 70, rank 4 | 76, rank 1 |
| For paying suppliers (out of 100) | 63, rank 7 | 74, rank 2 |
| For treasury and holding (out of 100) | 69, rank 3 | 88, rank 1 |
| Type | UK and Malta e-money institution, US money transmitter | US money transmitter, EU e-money institution |
Each score with the evidence behind it.
| Criterion | BVNK | Circle Mint |
|---|---|---|
| Licences | 5/5 FCA and MFSA e-money licences, MiCA authorisation and US licences in 39 states, all with numbers. | 5/5 Licences in its own name in the US (46 states, New York, OCC trust charter), France (EMI and MiCA), Singapore, UK, Bermuda and ADGM, all with numbers. |
| Published fees | 1/5 Fee structure described, but every figure is agreed per client. | 1/5 No fee schedule; only a 1:1 mint and redeem statement and gas covered in most cases. |
| Coins and rails | 4/5 USDC and USDT with US, EU and UK rails; networks not named. | 4/5 USDC on 38 networks and US, EU and Asian bank rails, but no USDT and no named UK rail. |
| Settlement | 5/5 Same-day and instant rails published for the US, EU and UK. | 4/5 Same business day minting for domestic wires; redemptions typically next business day. |
| Access | 2/5 No country list; onboarding documents and API docs published. | 5/5 185+ countries with a published list, web console and API. |
| Protection | 3/5 Segregated and safeguarded e-money stated; no named crypto custodian or insurance. | 5/5 Named trust bank custody, segregation, bankruptcy remote structure, an SEC-registered reserve fund reported via BlackRock and monthly Big Four assurance. |
Each criterion is scored 0 to 5 against the best published offer in the Stablecoin Settlement Index. 0 means not offered or not published. How it is scored
What each provider publishes on its own pages, read on 21 October 2026.
| Fact | BVNK | Circle Mint |
|---|---|---|
| Legal status | System Pay Services Ltd: 'authorised and regulated by the Financial Conduct Authority as an Electronic Money Institution', reference '901057'. System Pay Services (Malta) Ltd: MFSA Electronic Money Institution and 'a Crypto-Asset Service Provider in accordance with the Markets in Crypto-Assets Act', reference 'C66961'. System Pay Services (US), Inc.: FinCEN registered MSB, 'NMLS ID 2531294', 'not licensed as a bank in the US'. | US: 'Circle Internet Financial, LLC (NMLS ID# 1201441)'; New York 'Virtual Currency License, BL000042' and 'New York Money Transmitter License, MT104963'; First National Digital Currency Bank, N.A., operating as Circle National Trust, OCC 'Federal - Charter Number 25361'. |
| Licences | US money transmitter or equivalent licences listed for 39 states, Washington DC and Puerto Rico, each with a number. Partner banks named: Lead Bank and Cross River Bank. | State licences listed for 46 states (45 money transmitter licences and a Georgia seller of payment instruments licence), Washington DC and Puerto Rico (California DFAL 'Application Pending'). France: Circle Internet Financial Europe SAS, ACPR 'Electronic Money Institution License No. 17788' and AMF 'Crypto-Asset Services Provider - Authorization No. E2026-005'. Singapore: 'Major Payment Institution License No. PS20200630'. UK: 'Financial Conduct Authority E-Money Issuer License, No. 900480'. Bermuda: DAB License No. 54786. ADGM: 'Financial Services Permission Number 250035'. |
| Stablecoins and networks | 'From BTC to USDT, USDC and PYUSD'; 'We support all major chains and tokens'. Networks not named on the pages read. | USDC, EURC and cirBTC. 'USDC is natively supported across 38 blockchain networks' (multi-chain page, June 2026). USDT not listed. |
| Bank rails | US: ACH, same-day ACH, FedNow, Fedwire, RTP, SWIFT. Europe: SEPA, SEPA Instant, SWIFT. UK: Faster Payments, SWIFT. Brazil, Mexico, Argentina and Canada listed as upcoming. | 'FedWire and SWIFT'; real-time rails 'RTP, SPEI, SEPA, and CHATS, in supported regions'; book transfers with a Circle settlement partner. |
| Fees | MiCA pricing policy: custody and internal transfers free; conversions at a 'Conversion All-in Exchange Rate' including a 'Commercial Fee' 'as agreed with you'; external transfers a percentage and/or fixed fee. No figures published. | No fee schedule published. Business page: 'distributors can avoid extra fees'. Developer docs: 'Circle covers gas fees for outbound stablecoin transfers in most cases.' |
| Settlement | Same-day ACH 'T+0 if submitted by COT'; FedNow and RTP 'Instant'; Fedwire 'Within one business day'; SEPA Instant 'Seconds'; Faster Payments 'Minutes to hours'; SWIFT 1 to 5 business days. | Mint: domestic wires received before the daily cutoff 'settle on the same business day'; international wires 1 to 3 business days. Redemption: payouts 'typically settle on the next business day.' |
| Access | Eligible countries not listed; documents for onboarding published (certificate of incorporation, articles, three months of bank statements and others). API documentation published. | 'Circle stablecoins are available to mint and redeem' in '185+ countries', with a linked list of eligible regions. 'Circle Mint is not available to individuals.' Web console and APIs. |
| Protection | 'Your e-money is held in segregated accounts - separate from BVNK's own funds'; '100% of customer e-money funds are safeguarded'; for digital assets 'we keep separate records for every fund type'. No named custodian or insurance. | US assets held at Circle National Trust, 'institutional-grade protection and asset segregation', 'structured to be bankruptcy remote'; 'not FDIC-insured'. Reserves: majority in the Circle Reserve Fund (USDXX), 'an SEC-registered 2a-7 government money market fund', with portfolio reporting published via BlackRock; remainder in cash, mostly at large banks; monthly assurance by 'a Big Four accounting firm'; holdings disclosed weekly. |
| Date read | 21 October 2026 | 21 October 2026 |
Not published or not stated by BVNK: stablecoins and networks, fees, access, protection and coins and rails.
Not published or not stated by Circle Mint: stablecoins and networks, fees and coins and rails.
Facts read on 21 October 2026 from: help.bvnk.com/hc/en-us/articles/11094354781074, bvnk.com/compliance, bvnk.com/trading, bvnk.com/digital-assets, bvnk.com/eu/pricing-policy, docs.bvnk.com/bvnk/references/payment-methods, docs.bvnk.com/bvnk/get-started/…, bvnk.com/mt-mt/compliance; and circle.com/en/legal/licenses, circle.com/en/legal/us-licenses, circle.com/businesses, developers.circle.com/circle-mint/concepts/…, circle.com/transparency, circle.com/multi-chain-usdc.
Awards follow from the published scores and cannot be bought.
From each provider's strongest criteria and published terms.
Businesses needing US, EU and UK rails together.
Minting and redeeming USDC at scale.
Tell us what you need and where you operate.