Summary
Visa is looking for a new stablecoin settlement and over-the-counter (OTC) partner with cryptocurrency exchange licenses in the U.S., Canada, UK and Singapore, according to documents seen by CoinDesk. The role was previously held by BVNK, the stablecoin firm acquired by Mastercard earlier this year. The prospective partner will also handle settlement for the newly introduced Open USD stablecoin project, fronted by Stripe, Visa and Mastercard, which plans to support multiple stablecoins.
Key Facts
- Visa issued a request for product (RFP) for a stablecoin settlement + OTC partner
- Requires cryptocurrency exchange licenses in the U.S., Canada, UK and Singapore
- Fills role previously held by BVNK (acquired by Mastercard earlier this year)
- Partner will handle settlement for the Open USD (OUSD) stablecoin project, fronted by Stripe, Visa and Mastercard
- OUSD plans to support multiple stablecoins
- Visa partnered with crypto firm ZeroHash on Aug 5 to let eligible Visa Direct clients prefund accounts and send payouts using stablecoins
- RFP documents dated after the ZeroHash announcement; refer to regions where ZeroHash does not hold a license
- Total stablecoin market cap ~$300 billion (CoinGecko)
- Visa launched its Visa Stablecoin Platform last month, with OUSD as the initial supported token
- Stripe acquired stablecoin infrastructure firm Bridge in late 2024 for $1.1 billion, pressuring Visa/Mastercard to move
- Visa declined to comment
Why It Matters
Visa's search for a new stablecoin settlement partner underscores the intensifying stablecoin race among the major card networks and payments players. With BVNK now owned by Mastercard, Visa needs a licensed partner to support its stablecoin settlement ambitions and the multi-stablecoin Open USD project. The requirement for licenses across the U.S., Canada, UK and Singapore narrows the field and highlights how stablecoin infrastructure is becoming a strategic battleground between Visa, Mastercard and Stripe.