Visa Seeks New Stablecoin Settlement Partner After Losing BVNK to Mastercard

Visa is on the hunt for a new stablecoin settlement partner after losing BVNK, which was acquired by rival Mastercard earlier this year. According to documents reviewed as part of the reporting, Visa’s request for product outlines the need for a partner capable of supporting and swapping a range of stablecoins.

Scope Includes Support for New Open USD Project

The request also covers settlement support for the newly launched Open USD stablecoin initiative, a project backed by Stripe, Visa, and Mastercard that is designed to support multiple stablecoins going forward.

Because Visa requires a partner licensed across several major markets, the pool of eligible candidates has narrowed considerably. The company said it is specifically looking for one settlement and over-the-counter partner holding cryptocurrency exchange licenses in the United States, Canada, the United Kingdom, and Singapore.

Stablecoin Competition Heats Up Despite Broader Crypto Slowdown

Even as the wider crypto market remains largely flat and bearish, stablecoins continue to draw heavy investment and strategic attention from major payment networks. The total stablecoin market currently sits at around $300 billion in market capitalization.

Pressure on card networks intensified after Stripe acquired stablecoin infrastructure company Bridge for $1.1 billion in late 2024, a move widely seen as pushing competitors like Visa and Mastercard to accelerate their own stablecoin strategies to avoid falling behind.

Visa’s Broader Stablecoin Push

Last month, Visa introduced its own Visa Stablecoin Platform, giving banks, fintech firms, and payment providers tools to mint, store, redeem, and move stablecoins. The Open USD token, or OUSD, serves as the platform’s initial supported asset.