Visa issued an RFP for a stablecoin settlement provider with licenses in the US, Canada, UK and Singapore after Mastercard's BVNK acquisition. The company also seeks support for Open USD.
Visa is searching for a new stablecoin settlement partner with regulatory licenses across several major markets, according to documents seen by CoinDesk.
The payments giant issued a request for product, or RFP, seeking a provider that can support and swap 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 include settlement support for Open USD (OUSD), a multi-stablecoin platform backed by Stripe, Visa and Mastercard. Finding a partner that meets the company's regulatory needs could be difficult. Visa is evaluating providers that hold crypto exchange licenses in the U.S., Canada, UK and Singapore, the documents show.
The total stablecoin market cap stands at roughly $300 billion, according to CoinGecko. Stripe acquired stablecoin infrastructure firm Bridge for $1.1 billion in late 2024. Visa launched its own Stablecoin Platform in July, offering banks and payment providers infrastructure to access, hold, redeem and transfer stablecoins. OUSD was the first token supported.
Visa declined to comment on the reported RFP.
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