Visa Searches for New Stablecoin Settlement Partner
Visa is looking for a new partner to support its growing stablecoin settlement operations after Mastercard's acquisition of crypto infrastructure company BVNK.
According to documents reviewed by CoinDesk, Visa's request for proposal (RFP) calls for a partner capable of supporting and exchanging multiple stablecoins while providing settlement and over-the-counter services across major markets.
The search highlights how major payment networks are increasingly building stablecoin infrastructure as digital-dollar demand expands beyond the traditional crypto market.
Visa Wants Support for Multiple Stablecoins
Visa's RFP reportedly includes requirements for a partner that can handle a range of stablecoins rather than relying on a single digital asset.
The company is also looking for infrastructure capable of supporting settlement for Open USD, a stablecoin project backed by major payments and financial technology companies including Stripe, Visa and Mastercard. The project is designed to support multiple stablecoins.
Visa's push into stablecoin infrastructure follows the launch of its Visa Stablecoin Platform, which provides banks, fintech companies and payment providers with tools to access, store, redeem and transfer stablecoins.
BVNK's Mastercard Acquisition Created an Opening
The search for a new partner follows Mastercard's agreement to acquire BVNK earlier this year in a deal worth up to $1.8 billion.
BVNK had previously served as an important piece of stablecoin infrastructure for Visa. With the company now moving into Mastercard's ecosystem, Visa is seeking another provider capable of handling similar settlement requirements.
The shift comes as competition between the world's largest payment networks intensifies around stablecoins, blockchain-based settlement and digital payments.
Licensing Requirements Narrow Visa's Search
Visa is reportedly looking for a partner with cryptocurrency licensing capabilities across several major jurisdictions.
The company specifically wants support in the United States, Canada, United Kingdom and Singapore, according to the RFP. These regulatory requirements reduce the number of companies capable of meeting Visa's needs.
Visa is particularly looking for a settlement partner and an over-the-counter trading partner, suggesting that the company wants infrastructure capable of supporting both stablecoin transactions and broader liquidity requirements.
For regulatory information concerning digital assets in the U.S., the U.S. Securities and Exchange Commission provides official guidance and regulatory announcements.
Stablecoins Become a Major Payments Battleground
The search comes as stablecoins become one of the fastest-growing areas of competition between traditional payments companies and crypto firms.
The total stablecoin market capitalization is now around $300 billion, according to the figures cited in the original report. Stablecoins are increasingly being explored for cross-border payments, settlement, treasury management and other financial applications.
The sector has attracted major companies because stablecoins can potentially make money transfers faster and more efficient while operating on blockchain networks.
For official information about Visa's stablecoin strategy, readers can refer to Visa's official Stablecoin Platform.
Stripe's Stablecoin Strategy Raises the Pressure
Competition intensified after Stripe acquired stablecoin infrastructure company Bridge in late 2024 for approximately $1.1 billion.
The acquisition gave Stripe greater control over stablecoin payment infrastructure and demonstrated the company's ambitions to expand blockchain-based financial services.
That move has increased pressure on traditional payment networks such as Visa and Mastercard to secure their own stablecoin infrastructure and ensure they are not left behind as the market develops.
Visa's latest partner search can therefore be viewed as part of a much broader race among global payments companies to control the infrastructure connecting traditional finance with blockchain-based money.
Visa Is Building a Broader Stablecoin Ecosystem
Visa's Stablecoin Platform represents a major step in that strategy.
The platform is designed to give banks, fintech companies and payment providers tools to interact with stablecoins, including capabilities for accessing, storing, redeeming and transferring digital assets.
Visa initially launched the platform with OUSD as the supported token, while its latest RFP indicates that the company is interested in expanding its ability to work with multiple stablecoins.
That multi-stablecoin approach could give Visa greater flexibility as different digital-dollar projects compete for adoption across global payment networks.
What Visa's Move Means for Stablecoins
Visa's search for a new settlement partner shows that stablecoins are increasingly becoming part of mainstream payment infrastructure rather than remaining solely a cryptocurrency-market product.
The requirement for licensing across the U.S., Canada, UK and Singapore also highlights how important regulatory coverage has become for companies operating at institutional scale.
As Visa, Mastercard and Stripe continue investing in stablecoin infrastructure, competition is likely to focus not only on issuing tokens but also on the underlying systems that allow businesses and financial institutions to move stablecoins efficiently.
Visa's next partnership could therefore become an important piece of its long-term strategy to integrate stablecoins into the global payments network.
