Visa Searches for New Stablecoin Settlement Partner as Payments Race Intensifies

Visa is searching for a new partner to handle stablecoin settlement across major global markets, according to documents reviewed by CoinDesk. The move follows Mastercard’s acquisition of stablecoin infrastructure company BVNK, which previously served a similar role for Visa.

The payments giant’s request for proposal outlines the need for a partner capable of supporting and exchanging multiple stablecoins. The selected company would also be expected to provide settlement services for Open USD, or OUSD, a stablecoin initiative backed by Stripe, Visa and Mastercard that is designed to work with several stablecoins.

Visa said the requirement for licensing across major jurisdictions has reduced the number of potential candidates. The company is specifically evaluating a settlement and over-the-counter trading partner with cryptocurrency licenses covering the United States, Canada, the United Kingdom and Singapore.

The search highlights how aggressively major payments companies are moving into stablecoins. While much of the broader crypto market has struggled to gain momentum, stablecoins have continued to attract attention from banks, card networks and payment providers.

The global stablecoin market is now worth roughly $300 billion, according to CoinGecko data. That growing market has turned stablecoin infrastructure into an increasingly important battleground for traditional financial companies seeking faster and cheaper ways to move money.

Stripe’s expansion has added further pressure. The payments company acquired stablecoin infrastructure provider Bridge for $1.1 billion in late 2024, giving it a stronger position in the rapidly developing stablecoin payments market.

That deal appears to have accelerated the competitive response from other major players. Visa and Mastercard are both seeking to expand their stablecoin capabilities, while financial institutions continue exploring how blockchain-based settlement could fit into existing payment networks.

Visa took another step last month with the launch of its Visa Stablecoin Platform. The platform is designed to give banks, fintech companies and payment providers infrastructure for accessing, holding, redeeming and transferring stablecoins.

Open USD is currently the platform’s first supported stablecoin. The project is intended to provide broader stablecoin interoperability rather than relying on a single digital asset.

Visa’s latest search for a settlement partner suggests the company wants to build out that infrastructure across more jurisdictions. Finding a provider with the necessary regulatory approvals could prove challenging, particularly as crypto licensing requirements vary significantly between major financial markets.

For Visa, the effort is part of a broader push to make stablecoins a practical component of global payments. The company’s search also underscores the growing competition between traditional payment giants as they position themselves for a financial system where blockchain-based settlement becomes more common.