Key facts
- Visa has launched the Visa Stablecoin Platform, enabling financial institutions to manage stablecoin operations.
- The platform integrates minting, redemption, wallet infrastructure, and treasury management into a single system.
- It supports Open USD (OUSD) at launch, alongside existing support for Circle's USDC and Paxos' USDG.
- The service is currently in a beta phase with select customers.
- Visa's previous work includes research on stablecoins in credit markets and joining the Canton Network.
Visa has launched a new platform designed to simplify the integration of stablecoins for financial institutions. The Visa Stablecoin Platform (VSP) aims to provide banks, fintech companies, and payment providers with a unified system for issuing, holding, and transferring stablecoins, leveraging Visa's existing payment network.
According to Visa Chief Product and Strategy Officer Jack Forestell, the platform addresses the operational challenges faced by institutions looking to adopt stablecoins. VSP combines stablecoin minting, redemption, wallet infrastructure, and treasury management, allowing clients to manage these operations with the security and network reach they expect from Visa.
At its launch, the platform supports Open USD (OUSD), a stablecoin from the Open Standard consortium, as well as Circle's USDC and Paxos' USDG. The service is currently in a beta phase with select customers and includes features for managing wallets, transferring funds, integrating with existing treasury systems, and transaction approval controls.
This initiative follows several other moves by Visa into the stablecoin space. In October, the company published research highlighting the potential for stablecoins to transform the global credit market. In March, Visa became a Super Validator for the Canton Network, a blockchain designed for interbank stablecoin transactions. In April, Visa expanded its stablecoin settlement program to include several new blockchain networks, bringing the total to nine and reporting an annualized stablecoin settlement volume of $7 billion.