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Visa launches enterprise stablecoin platform built on Open USD
The platform will initially support Open USD, and Visa plans beta testing with select clients, with a goal of serving more than 200 million merchants.
Visa launched the Visa Stablecoin Platform, an enterprise system for financial institutions built around Open USD, Visa’s crypto head Cuy Sheffield said on X on Wednesday, according to The Defiant.
The outlet reported that the platform is designed to provide stablecoin services to more than 200 million merchants, with initial support focused on Open USD. Visa said the system includes a Wallet-as-a-Service offering and is rolling out for beta testing with select clients.
Open USD, or OUSD, was unveiled on June 30 by Open Standard, a consortium of more than 140 companies that includes Visa, Mastercard, Stripe, Coinbase, and BlackRock. The token is structured to route reserve yield to distribution partners rather than to a single issuer, which Open Standard positioned against the traditional model where the issuer keeps reserve earnings.
The Defiant added that OUSD was not live at the time of its unveiling, and that Visa said the platform extends its prior crypto efforts such as USDC settlement and an institutional tokenization offering, while targeting institutional minting, movement, and management of stablecoins rather than card settlement alone. The platform’s general availability timing and additional supported stablecoins were not confirmed through Visa channels at publication.