Visa looking for new stablecoin settlement partner after BVNK sale to Mastercard
Visa is seeking a new stablecoin settlement and OTC partner with crypto exchange licenses in the U.S., Canada, the UK, and Singapore, according to documents seen by CoinDesk. The partner would replace BVNK, after Mastercard acquired BVNK earlier this year, and handle settlement for Visa’s Open USD (OUSD) stablecoin project.
How this was made
The 30-second read
Why it matters
A new settlement and OTC partner would determine execution quality, regulatory posture, and operational continuity for stablecoin swaps and Open USD settlement, affecting Visa’s ability to scale stablecoin use cases.
Market read
Visa’s RFP narrows potential settlement partners to those with exchange licenses in multiple major markets, indicating continued investment in stablecoin settlement infrastructure after BVNK’s role changed.
What to watch
The article does not specify whether Visa’s Open USD settlement volumes will scale quickly, nor does it detail BVNK transition timing, which could dominate near-term risk.
Background
Visa previously relied on BVNK for stablecoin settlement after Mastercard acquired BVNK earlier this year, and it has launched a Visa Stablecoin Platform with OUSD as the initial supported token.
Ticker impact
Visa is seeking a new licensed stablecoin settlement and OTC partner to replace BVNK and support Open USD settlement across regions.
Near-term impact likely limited unless a specific partner is named or contract terms materially change; watch for follow-on deal announcements.
The article discloses Visa’s search and requirements but does not name the selected counterparty or provide financial terms, so the immediate earnings impact is unclear.
Market effects
Reinforces that card networks are competing to control stablecoin settlement and OTC plumbing, raising the bar for licensed, multi-region counterparties.
Partner licensing requirements across the U.S., Canada, UK, and Singapore may concentrate activity among a smaller set of compliant providers.
Supports the broader stablecoin infrastructure buildout around multi-stablecoin settlement, potentially increasing demand for regulated exchange/OTC services.
Counterpoint
This may be more about compliance and operational redundancy than a material revenue driver, so market pricing may overreact to a partner search.
Key entities
- public_companyVisa
Payments network issuing the RFP for a licensed stablecoin settlement and OTC partner and supporting Open USD settlement.
- companyBVNK
Stablecoin firm previously used for settlement, acquired by Mastercard earlier this year.
- stablecoin_projectOpen USD (OUSD)
New stablecoin project fronted by Stripe, Visa, and Mastercard, intended to support multiple stablecoins.
- private_companyStripe
Fronted Open USD and acquired stablecoin infrastructure firm Bridge in late 2024, potentially increasing competitive pressure.
- public_companyMastercard
Acquired BVNK earlier this year and is a fronter of Open USD alongside Stripe and Visa.
