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Visa details stablecoin plan spanning OpenUSD and tokenized deposits
Visa said it joined the OpenStandard consortium for OpenUSD and expects its platform to support partner settlement in stablecoins starting with OpenUSD.
Visa outlined a stablecoin strategy during its fiscal third-quarter earnings call, saying it is investing across multiple layers of the stablecoin ecosystem, with OpenUSD, tokenized deposits, and AI-powered commerce among its priorities, according to Cointelegraph.
The company reported fiscal third-quarter revenue of $11.6 billion, up 14% year over year, driven by double-digit growth in payments volume, cross-border volume, and processed transactions. Visa also highlighted that cross-border volume rose 13% year over year, and processed transactions increased 10%.
Visa said it joined the OpenStandard consortium, which plans to issue the OpenUSD stablecoin for global money movement. It described a stablecoin platform intended to let partners settle with Visa in stablecoins, provide onchain wallet-as-a-service infrastructure, and move value between fiat currencies and stablecoins beginning with OpenUSD.
Visa added that the platform will integrate with Pismo to support tokenized deposits for financial institutions, with plans to add other tokenized deposit infrastructure providers later. Cointelegraph also reported Visa sees stablecoins and artificial intelligence as complementary long-term technologies.