Visa is actively seeking a replacement settlement partner for its expanding stablecoin operations following Mastercard’s acquisition of BVNK, the firm that previously managed those services. The global card network has issued a request for product seeking a single provider capable of supporting and swapping multiple stablecoins while delivering settlement and over-the-counter services.

The move comes after Mastercard completed its purchase of London-based BVNK on August 3 for up to $1.8 billion. Visa had partnered with BVNK since at least May 2025, when Visa Ventures invested in the company. At that time BVNK processed approximately $12 billion in annualized stablecoin payment volume.

Strict Licensing Requirements Narrow the Field

Visa’s request prioritizes regulatory coverage. The preferred partner must hold cryptocurrency exchange licenses in the United States, Canada, the United Kingdom and Singapore simultaneously. Company documents indicate Visa is evaluating settlement and over-the-counter providers that meet this multi-jurisdictional standard, a requirement that significantly limits the pool of eligible firms.

Rather than working with multiple vendors, Visa is focusing on one settlement and over-the-counter partner that can operate across all four markets. The approach aims to create a single point of accountability for a function that involves high compliance sensitivity.

Open USD and Multi-Stablecoin Capabilities

The selected firm will also provide settlement support for Open USD, also known as OUSD. This initiative, backed by Stripe, Visa and Mastercard, is designed as a multi-stablecoin platform rather than a single branded digital currency. Visa’s request specifically calls for the ability to swap and support a range of stablecoins, aligning with Open USD’s broader architecture.

Although the three companies compete on payment infrastructure, they share support for the Open USD project itself. The dual dynamic of collaboration on the token and rivalry on the rails has become a defining feature of the current market.

Visa Stablecoin Platform Already Live in Beta

In July Visa launched the Visa Stablecoin Platform, an enterprise solution that enables banks, fintech firms and payment providers to access, hold, redeem and transfer stablecoins. OUSD is the first token supported on the platform. The infrastructure includes wallet services, minting and burning capabilities, dual-control approvals and audit logs, allowing institutions to operate without building their own systems from scratch.

The platform remains in beta with a limited group of clients, so the temporary absence of a permanent settlement partner has not yet affected live transaction volumes. The eventual choice of partner will determine the next phase of Visa’s institutional stablecoin activity.

Competitive Backdrop and Market Scale

The search unfolds against a backdrop of intensifying competition. Stripe acquired stablecoin infrastructure company Bridge for $1.1 billion in late 2024, adding pressure on established card networks to accelerate their own digital-asset strategies. Mastercard’s subsequent purchase of BVNK further raised the competitive stakes.

Stablecoins have continued to expand even while broader cryptocurrency markets remain subdued. Total stablecoin market capitalization currently stands at roughly $300 billion. The growth has turned settlement infrastructure, regulatory licensing and cross-border digital payments into central battlegrounds for traditional financial companies and fintech firms alike.

Visa declined to comment on the request for product or the status of negotiations. Names of potential candidates have not been disclosed. The company continues to advance its stablecoin infrastructure while seeking a licensed partner that can meet its multi-market and multi-token requirements.