Visa seeks stablecoin partner after Mastercard's BVNK deal

Visa is looking for a new stablecoin settlement and over-the-counter trading partner after Mastercard’s acquisition of BVNK, the company that previously filled that role, according to a report published August 18.

The confidential request for proposal seeks a provider with cryptocurrency exchange licenses in the U.S., Canada, the U.K. and Singapore, the documents reviewed by CoinDesk showed. The company would need to support multiple stablecoins and handle settlement, including swaps and transactions tied to Open USD.

Visa declined to comment. It has not publicly confirmed the request or named any candidates. A selection timetable was not disclosed.

The reported licensing requirements give the search a clear regulatory focus. A successful candidate would need coverage across four major financial markets rather than a patchwork of regional approvals. The documents also reportedly narrow the field to a single settlement and OTC provider, whose identity has not been made public.

The services go beyond basic token transfers. The RFP calls for a company that can convert between stablecoins and supply institutional liquidity, with settlement handled across jurisdictions. That would limit the pool to infrastructure providers with established licensing and banking relationships that support liquidity operations. It also suggests Visa wants a single coordinated service rather than separate arrangements in each country.

Mastercard completed its acquisition of BVNK on August 3. The payments firm said BVNK would strengthen its infrastructure for stablecoin payments, settlements, payouts and treasury operations. The deal was announced in March at a value of up to $1.8 billion. BVNK at the time said its infrastructure processed about $30 billion in annual payment volume.

BVNK had been Visa’s stablecoin settlement partner. Neither Visa nor BVNK has publicly explained how Mastercard’s purchase affected that commercial relationship. The new search effectively replaces the arrangement that was disrupted.

Visa announced a separate partnership with ZeroHash on August 5. That deal allows eligible Visa Direct clients to fund accounts and send payouts through stablecoins. The RFP was dated after that announcement. It also covers markets where ZeroHash does not hold the licenses Visa says it needs. The search appears to address a broader geographic and operational gap.

Visa has also introduced its own Stablecoin Platform, which it said in July would help institutions store, issue, redeem and transfer stablecoins. Open USD is the first supported asset. The platform is in beta with selected clients. Visa launched Open USD with a consortium that includes Mastercard and Coinbase, with more than 140 companies associated at launch.

Visa supports a multiple-coin strategy rather than treating Open USD as a replacement for USDT or USDC, the company has said. That position fits the reported requirement for a partner able to handle several stablecoins.

Until Visa confirms the request or names a provider, the RFP and its requirements remain attributed to the documents reviewed by CoinDesk. No candidate has been named, and no binding agreement is in place.