Visa's RFP requires a stablecoin settlement partner licensed in the US, Canada, UK and Singapore, as the card network responds to Stripe's $1.1B Bridge acquisition.
Visa is searching for a new stablecoin settlement partner with licenses across multiple regions, according to a request for product (RFP) seen by CoinDesk. The move replaces the role previously filled by BVNK, the stablecoin firm Mastercard acquired earlier this year.
The RFP calls for the ability to swap multiple stablecoins and handle settlement for the Open USD stablecoin project, backed by Stripe, Visa and Mastercard. Visa said the need for a partner licensed in all major markets narrows the field. The company is evaluating one settlement and one over-the-counter partner with crypto exchange licenses in the U.S., Canada, the UK and Singapore.
The stablecoin race has not slowed despite a flat bearish market across the rest of crypto. Total stablecoin market cap sits at about $300 billion, according to CoinGecko. Strategic urgency increased when Stripe acquired stablecoin infrastructure firm Bridge in late 2024 for $1.1 billion. That deal likely pushed Visa and Mastercard to explore stablecoin shops to avoid being outflanked by Stripe's aggressive approach, the RFP suggests.
Last month, Visa launched its Visa Stablecoin Platform, giving banks, fintechs and payment providers tools to access, store, redeem and move stablecoins. Open USD is the initial supported token. The RFP shows Visa is deepening its stablecoin capabilities as payment networks compete for settlement volume in a growing market.
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