Payments giant Visa issues RFP for a licensed partner to handle stablecoin settlements across key global markets.
Visa is searching for a new stablecoin settlement partner following Mastercard’s acquisition of BVNK. The company’s request for product (RFP) outlines requirements for a partner with cryptocurrency exchange licenses in the U.S., Canada, UK, and Singapore to support multiple stablecoins, including the Open USD project.
The move follows Visa’s previous reliance on BVNK for stablecoin settlements. The RFP specifies the need for a partner capable of handling both settlement and over-the-counter (OTC) transactions, reflecting the growing importance of stablecoins in payments infrastructure despite broader crypto market stagnation.
Visa’s focus on licensed partners in major markets narrows the pool of potential candidates. The Open USD stablecoin project, backed by Visa, Mastercard, and Stripe, aims to support a range of stablecoins, further emphasizing the payments industry’s push into digital assets.