Visa is reportedly searching for a new stablecoin settlement partner, and the timing is no coincidence. Mastercard just acquired BVNK, the stablecoin infrastructure firm Visa had relied on for that exact role. Now Visa wants a replacement licensed across several major markets at once, not just one.
Why Visa Is Widening Its Search
Visa’s RFP calls for a partner that can swap and settle a range of stablecoins, not a single token. That partner would also need to handle settlement for Open USD, the stablecoin project backed jointly by Stripe, Visa, and Mastercard that is designed to work across multiple stablecoins rather than lock users into one.
Mastercard has already staked its claim in this space by buying BVNK outright in a deal worth up to $1.8 billion, the same infrastructure firm Visa is now working to replace. Visa is narrowing its list to firms holding cryptocurrency exchange licenses in the U.S., Canada, the U.K., and Singapore, according to documents reviewed by CoinDesk. The company is looking for two roles specifically: a settlement partner and a separate over-the-counter trading partner.
The timing lines up with Stripe’s own moves in this space. Stripe bought stablecoin infrastructure firm Bridge for $1.1 billion in late 2024, a deal that put competitors on notice. Visa followed last month with the launch of its own Visa Stablecoin Platform, a tool letting banks and fintechs mint, store, redeem, and move stablecoins, with Open USD as the first token it supports.
What This Means for Everyday Crypto Users
None of this changes how you buy or hold stablecoins today. It does show how far stablecoins have moved into mainstream finance. With the total stablecoin market sitting around $300 billion, the biggest names in payments are now racing to build the plumbing that moves that money around, a trend we’ve been tracking closely on our news hub.
The Partner Visa Picks Next
Whichever firm lands the settlement role will get a front-row seat to how Open USD scales, since Mastercard already made its move by buying BVNK outright in a deal worth up to $1.8 billion. Visa has not named a timeline for choosing a replacement, and the RFP documents do not specify one either.
What this means for you: Every card swipe, tap, and online checkout runs through a settlement layer most people never think about, and Visa is now rebuilding that layer around stablecoins instead of the traditional banking rails it has used for decades.
