Visa Seeks Global Stablecoin Settlement Partner After Mastercard’s BVNK Deal

Visa is searching for a new stablecoin settlement partner with regulatory licenses across several major markets, as the global payments giant expands its cryptocurrency and digital asset infrastructure.

According to documents seen by CoinDesk, Visa has issued a request for product (RFP) seeking a provider capable of supporting and swapping multiple stablecoins while handling settlement services. The selected company would replace BVNK, the stablecoin payments firm Mastercard agreed to acquire earlier in 2026 for up to $1.8 billion.

Visa’s requirements also include settlement support for Open USD (OUSD), a recently introduced stablecoin initiative backed by major payments companies including Stripe, Visa and Mastercard. The project is designed as a multi-stablecoin platform rather than relying exclusively on a single digital currency.

Finding a suitable partner could prove challenging because Visa requires extensive regulatory coverage. The company indicated that it is particularly evaluating a settlement and over-the-counter (OTC) provider holding cryptocurrency exchange licenses in the U.S., Canada, UK and Singapore.

The search comes as stablecoins increasingly become a strategic priority for global payment networks, even as broader cryptocurrency markets remain subdued. The total stablecoin market capitalization currently stands at roughly $300 billion, according to CoinGecko.

Competition intensified after Stripe acquired stablecoin infrastructure company Bridge for $1.1 billion in late 2024. That acquisition strengthened Stripe’s position in blockchain-based payments and increased pressure on established card networks such as Visa and Mastercard to accelerate their own stablecoin strategies.

Visa has already taken significant steps in that direction. In July, the company launched the Visa Stablecoin Platform, which provides banks, fintech companies and payment providers with infrastructure to access, hold, redeem and transfer stablecoins. OUSD was introduced as the platform’s first supported token.

Visa’s latest partner search highlights how stablecoin settlement, regulatory licensing and cross-border digital payments are becoming increasingly important battlegrounds for traditional financial companies and fintech firms seeking a larger role in blockchain-based payments.

Visa declined to comment on the reported RFP.