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Visa seeks new stablecoin settlement partner after BVNK sale
The RFP outlines settlement and OTC support for multiple stablecoins and for Open USD, Visa’s initial supported token.
Visa is looking for a new stablecoin settlement and over-the-counter partner with cryptocurrency exchange licensing across the United States, Canada, the UK, and Singapore, according to documents reviewed by CoinDesk.
The payments company wants the partner to fill the role previously held by BVNK, which was acquired by Mastercard earlier this year, and to support swaps and the handling of a range of stablecoins.
Visa’s documents also point to Open USD settlement needs for the newly introduced Open USD stablecoin project, fronted by Stripe, Visa, and Mastercard, with a plan to support multiple stablecoins.
CoinDesk noted the stablecoin push remains a focus for large card networks as stablecoin market capitalization is about $300 billion, according to CoinGecko data, and that Visa launched its Visa Stablecoin Platform using Open USD as the initial supported token.