Bakkt Selects Thredd to Power Credit Card-as-a-Service Program Settling in Stablecoins

Credit products and card issuance remain subject to partner bank approval and eligibility requirements.

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Partnership combines digital asset infrastructure and modern card processing to power a stablecoin-settled credit card-as-a-service program.

AUSTIN--(BUSINESS WIRE)-- Thredd, the AI-first issuer processing platform, today announced a partnership with Bakkt to power a credit card-as-a-service program in the United States designed to settle in stablecoins.

Bakkt, Inc. (NYSE: BKKT) operates regulated infrastructure for trading, stablecoin settlement and cross-border payment for the AI and token economy. Through this partnership, Thredd will provide the modern card processing and integrated credit infrastructure extending Bakkt’s settlement rails into consumer credit products issued by partner banks via its planned credit card-as-a-service program. Thredd will also provide tokenization, digital wallet integration, fraud and risk management, and loyalty services tailored to the program.

Bakkt selected Thredd for its unified technology stack, which removes the need to build and manage complex, separate connections between end-consumer credit and payment components. The two companies are engineering the program specifically around Bakkt’s requirements rather than forcing the card programs into a rigid, traditional processing model.

“Launching a credit card that would settle in stablecoins requires tight integration across processing, lending, and digital asset infrastructure,” said Jim McCarthy, CEO of Thredd. “By combining modern card processing with flexible credit capabilities, our platform removes operational complexity so Bakkt can offer its clients a direct, reliable payment product.”

“We run regulated rails that move value for institutions, and we move it across borders on demand. This program is designed to bring that same settlement infrastructure to everyday spend,” said Ankit Khemka, Chief Product Officer at Bakkt. “Thredd’s technology and proven payments infrastructure give us one integration where the market expects many, and we believe stablecoin settlement can change the economics of consumer credit the way it is already changing the economics of cross-border payments.”

An initial proof of concept is targeted for the first half of 2027. The program is subject to product readiness, client launch timing, bank and network requirements, and applicable approvals.

About Bakkt

Bakkt (NYSE: BKKT) is a regulated financial technology company building a financial operating system for the AI and token economy. Through Bakkt Markets, Bakkt Agent and Bakkt Global, the Company operates regulated infrastructure for trading, stablecoin settlement and cross-border payments; intelligence and distribution capabilities for financial products; and strategic access to differentiated assets and global markets. Bakkt serves financial institutions, fintechs and consumer brands seeking to deliver trusted financial services at scale.

Bakkt Financial Solutions I, LLC ("Bakkt") is licensed to engage in virtual currency business activity and money transmission by the New York State Department of Financial Services, and holds additional licenses across the United States. See Bakkt Licenses (bakkt.com/licenses) and Disclosures (bakkt.com/disclosures).

About Thredd

Thredd is the trusted, AI-first, cloud-enabled issuer processing platform powering the next generation of global payments. Through a single API, unified platform, Thredd delivers debit, credit, digital wallet and ledger capabilities to over 100 fintech, digital banks and embedded finance providers, across 50+ countries, processing billions of transactions annually. With a global operating footprint, local expertise, and AI integrated into every layer of its platform, Thredd has been purpose-built for speed, scale and modern issuance models, setting the standard for market entry, client experience, security, regulatory rigour and operational resilience. Learn more at www.thredd.ai

Important Disclosures

Bakkt is a financial technology company, not a bank. Credit products and card issuance are subject to partner bank approval and eligibility requirements.

This release contains forward-looking statements about a planned program that has not launched and remains subject to regulatory approval, partner agreements, and other conditions. Actual timing and availability may differ.

View source version on businesswire.com: https://www.businesswire.com/news/home/20261013960744/en/

Simeon Lando
Chief Marketing Officer
press@thredd.com

Source: Thredd

Key Terms

stablecoins financial

Stablecoins are a type of digital currency designed to maintain a steady value, often linked to traditional currencies like the dollar or euro. They function like digital cash that offers the convenience of online transactions while avoiding the large price swings common with other cryptocurrencies. This stability makes them useful for investors and users who want a reliable way to store and transfer value without exposure to sudden market changes.

tokenization technical

Tokenization is the process of converting real-world assets or rights into digital tokens stored on a computer network. This allows assets, such as property or investments, to be divided into smaller parts, making them easier to buy, sell, or transfer electronically. For investors, tokenization can increase access to a wider range of investments and make transactions faster and more efficient.

api technical

An API, or Application Programming Interface, is a set of rules that allows different software programs to communicate and work together smoothly, much like a waiter translating your order into the kitchen and then bringing your meal back. For investors, APIs are important because they enable real-time access to financial data, trading systems, and other digital services, making it easier to make informed decisions quickly and efficiently.