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Visa launches Stablecoin Platform to help firms issue Open USD
Visa said the enterprise service will let institutions issue, store, transfer, and redeem Open USD stablecoins through a Visa-managed system integrated with its payment network.
Visa introduced the Visa Stablecoin Platform, an enterprise service aimed at making it easier for banks and fintech firms to issue, manage, and settle Open USD stablecoins on Visa’s payment network. The platform bundles wallet infrastructure with tools for stablecoin minting and redemption, alongside connectivity and controls for onchain asset management.
The service launched with support for Open USD, a stablecoin from Open Standard. Visa said the platform includes Wallet-as-a-Service infrastructure and security features such as dual-approval workflows, audit logs, and transfer allow lists, while also integrating with Visa’s existing systems so institutions can add stablecoin functionality without replacing current rails.
Stablecoins are cryptocurrencies designed to maintain a fixed value, typically pegged to the U.S. dollar, and they are used for payments, cross-border transfers, and settlement because they combine blockchain speed with relatively stable pricing. In a statement, Visa chief product and strategy officer Jack Forestell said the operational reality, not the concept, is the main challenge for most institutions.
CoinDesk reported the announcement intensified competition in the stablecoin market, with Circle shares falling about 5% after Visa backed Open Standard’s Open USD. The move also extends Visa’s broader push into blockchain-based payments, building on its existing stablecoin settlement support for select partners and crypto-linked card programs.