Visa Seeks New Stablecoin Partner After BVNK Deal

Visa is looking for a partner with licenses in the U.S., Canada, the U.K., and Singapore for stablecoin settlement and Open USD. The move follows Mastercard’s acquisition of BVNK and adds pressure in the battle between payment networks.

Key Takeaways

• Visa is looking for a new stablecoin settlement partner with licenses in the United States, Canada, the United Kingdom, and Singapore.
• The search follows BVNK, the earlier partner, being acquired by Mastercard this year.
• Visa launched the Visa Stablecoin Platform last month, while stablecoins are becoming more strategic for payment networks.

Visa is looking for a new stablecoin settlement partner with licenses in multiple regions, according to documents reviewed by CoinDesk. The move follows BVNK, the stablecoin company that previously filled this role, being acquired by Mastercard this year. That shifts competition between the major payment networks back toward stablecoins, a market that is becoming increasingly strategic for players like Visa and Mastercard.

Partner With Broad Licenses

In the request for product, Visa explicitly says the new partner must be able to swap and support stablecoins, and also handle settlement for the recently introduced Open USD project. That project is backed by Stripe, Visa, and Mastercard and is meant to support multiple stablecoins.

According to Visa, those requirements make the search narrower than usual. The company is looking for a settlement and OTC partner with crypto exchange licenses in the United States, Canada, the United Kingdom, and Singapore. That combination of markets shows just how important compliance has become for stablecoin infrastructure that needs to scale internationally.

Stablecoins Remain a Priority

Even though the broader crypto market is still stuck in a flat bear market, the race around stablecoins keeps going. According to CoinGecko, the total stablecoin market cap is around $300 billion (€259 billion), which shows why major payment companies are moving quickly to build out their infrastructure.

Visa already made its own move last month with the launch of the Visa Stablecoin Platform. That gives banks, fintechs, and payment providers tools to access, store, redeem, and move stablecoins, with OUSD as the first supported token.

Competition Between Payment Networks

The timing stands out because Stripe bought stablecoin infrastructure company Bridge for $1.1 billion (€0.9 billion) at the end of 2024. That deal added more pressure on Visa and Mastercard, as both networks do not want to fall behind in a market where stablecoin rails are becoming more important for digital payments.

For European crypto readers, the big takeaway is that stablecoin infrastructure is becoming less of a niche topic and more of a core part of the strategy for major payment companies. If multiple networks are all pushing into the same settlement layer at once, that could further professionalize the market for regulated stablecoin services.