Visa searches for a stablecoin settlement partner with multi-regional licensing after Mastercard's $1.8B BVNK acquisition. The RFP covers multiple stablecoins and the new Open USD project.
Visa is looking for a new stablecoin settlement partner with multi-regional licensing, according to a CoinDesk report Tuesday. The search follows Mastercard's acquisition of BVNK, a stablecoin infrastructure firm, earlier this month.
The report cites a request for product from Visa that covers swapping and supporting multiple stablecoins, including settlement for the newly introduced Open USD stablecoin project led by Stripe, Visa and Mastercard. Visa said the need for a partner licensed in all major markets has narrowed the field. The company is considering one settlement and an over-the-counter partner licensed in the U.S., U.K., Canada and Singapore.
CoinDesk notes the stablecoin race has not slowed despite a broader crypto market downturn. Stablecoins now have a total market cap of roughly $300 billion, according to CoinGecko.
Mastercard first announced the planned $1.8 billion purchase of BVNK in March and finalized the deal this month. Mastercard, which has an AlphaScala Alpha Score of 68 (moderate), said the acquisition would enable interoperability across fiat and digital currencies. The company has also been testing stablecoin compliance tools.
Separately, PYMNTS research shows consumers are growing interested in using cryptocurrencies and stablecoins for purchases. Acceptance and trust continue to limit adoption. The report said linked cards and instant conversion can bridge digital assets with existing payment tools.
Visa said it is considering one settlement and an OTC partner licensed in the U.S., U.K., Canada and Singapore.
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