Key facts
- Visa is seeking a new stablecoin settlement partner.
- The new partner must have cryptocurrency exchange licenses in the U.S., Canada, UK, and Singapore.
- Visa's previous partner, BVNK, was acquired by Mastercard.
- This move aims to support Visa's Open USD stablecoin project.
Visa is undertaking a search for a new partner to manage its stablecoin settlements and over-the-counter transactions. The requirement for this new partner is that they must possess cryptocurrency exchange licenses in key global markets, specifically the United States, Canada, the United Kingdom, and Singapore. This initiative comes in the wake of Mastercard's recent acquisition of BVNK, which was Visa's prior stablecoin settlement partner. The acquisition of BVNK by Mastercard has necessitated Visa's search for an alternative. The primary objective behind this strategic pivot is to provide robust support for Visa's Open USD stablecoin project. This project aims to leverage stablecoins for payment settlements, and securing a capable partner is crucial for its continued development and operational success.