Visa is searching for a new stablecoin settlement and OTC partner capable of operating across the United States, Canada, the United Kingdom and Singapore. The move follows Mastercard’s acquisition of previous partner BVNK and aims to support multi-stablecoin settlement, including the Open USD project.
The request for proposals reflects Visa’s continued expansion of on-chain payment capabilities.
The Drivers of This Activity
According to documents reviewed by CoinDesk, Visa has issued an RFP for a settlement and over-the-counter partner that holds cryptocurrency exchange licenses in the four specified markets. The selected firm would handle stablecoin settlement functions previously managed by BVNK and support the newly launched Open USD (OUSD) stablecoin initiative, which is backed by a consortium including Visa, Mastercard and Stripe.
The requirements emphasize the ability to exchange and settle multiple stablecoins while meeting regulatory standards in major jurisdictions. Visa noted that the need for licensing across all key markets narrows the field of potential candidates.
The search forms part of Visa’s broader stablecoin strategy, which already includes settlement pilots on multiple blockchains, stablecoin-linked cards and platforms for minting and managing digital dollars.
Impact and Broader Context
Securing a replacement partner would allow Visa to maintain continuity in stablecoin settlement services after the change in ownership of BVNK. Multi-jurisdictional licensing is intended to ensure compliant operation across important financial centers and support institutional clients seeking regulated on-chain options.
The development underscores intensifying competition among payment networks to integrate stablecoins into existing infrastructure. Success will depend on the chosen partner’s technical capabilities, regulatory footprint and ability to scale settlement volumes.
Further announcements on the outcome of the RFP and any selected partner will clarify the next phase of Visa’s stablecoin settlement plans.