Visa looking for new stablecoin settlement partner after BVNK sale to Mastercard
Visa is actively seeking a new stablecoin settlement partner following the acquisition of BVNK by Mastercard. The payments giant aims to secure a partner with broad regulatory licenses to support its new stablecoin platform and compete with Stripe's recent expansion into the sector.
Why it matters
As major card networks integrate stablecoins into their infrastructure, the competition for compliant settlement partners is intensifying, signaling a shift toward mainstream blockchain-based payments.
Visa’s request for product (RFP) talks about the ability to swap and support a range of stablecoins, as well as handle settlement for the newly introduced Open USD stablecoin project, fronted by Stripe, Visa and Mastercard, which plans to support multiple stablecoins.
The need for a stablecoin partner licensed in all major markets means the scope of potential partners has narrowed somewhat, Visa said. The payments giant said it is looking at one settlement and an over-the-counter (OTC) partner in particular, with cryptocurrency exchange licenses in the U.S., Canada, the UK and Singapore.
The stablecoin race hasn’t slowed down despite a flat bearish market persisting across the rest of the crypto industry. As such, stablecoins have become a focal point for the large card networks and payments players. The total stablecoin market cap is about $300 billion, according to CoinGecko data.
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