Visa seeks stablecoin partner licensed in four markets

Visa is reportedly seeking a new stablecoin settlement and over-the-counter partner with cryptocurrency exchange licenses in the United States, Canada, the United Kingdom and Singapore, according to a confidential request for product first reported on August 18, 2026. The search follows Mastercard's completed acquisition of BVNK on August 3, the stablecoin infrastructure firm that had previously handled settlement services for Visa. Visa declined to comment on the reported process and has not publicly confirmed the request, named candidates or disclosed a selection timetable. The documents reportedly call for support across multiple stablecoins, including swap capability and settlement services for Open USD, the token tied to an initiative backed by more than 140 companies.

Background

The reported request lands in the middle of a build-out of stablecoin infrastructure by traditional payments companies. Visa launched its Visa Stablecoin Platform in July 2026, saying the platform would help institutions access, store, issue, redeem and transfer stablecoins, with Open USD as its first supported asset. On August 5, Visa announced a separate partnership with ZeroHash allowing eligible Visa Direct clients to fund accounts and send payouts through stablecoins. But the reported request was dated after that announcement and covered markets where ZeroHash reportedly does not hold the licenses Visa seeks, suggesting a broader geographic and operational need. Mastercard completed its acquisition of BVNK on August 3, after announcing the deal in March at a value of up to $1.8 billion; BVNK said at the time its infrastructure processed about $30 billion in annual payment volume. Neither Visa nor BVNK has publicly explained how the change in ownership affected their earlier commercial relationship. Visa has said it supports a multiple-coin strategy rather than treating Open USD as a replacement for USDT or USDC.

What happened

According to crypto.news, Visa is reportedly seeking a new stablecoin settlement and over-the-counter partner after Mastercard acquired BVNK, which previously filled that role. The confidential request for product seeks a provider with cryptocurrency exchange licenses in the U.S., Canada, the U.K. and Singapore, per a report published on August 18. The documents reportedly call for support across several stablecoins, including the ability to conduct swaps and provide settlement services, and the selected company would also help process transactions involving Open USD. Visa declined to comment and has not publicly confirmed the request, named any candidates or disclosed a selection timetable; no evidence currently shows a final selection or binding agreement. Cryptobriefing.com, citing CoinDesk, reported on August 18 that the request for proposal calls for a partner capable of swapping and supporting multiple stablecoins and handling settlement for Open USD, and that the licensing requirement across several major markets has narrowed the field. That report said the Open USD project is led by Zach Abrams, co-founder of Bridge, which is owned by Stripe, has support from more than 140 companies including BlackRock, Visa, Mastercard, Google, Coinbase and DBS, and is expected to go live later this year. Crypto.news reported that Mastercard completed its BVNK acquisition on August 3, after announcing the transaction in March at a value of up to $1.8 billion, and that BVNK had said its infrastructure processed about $30 billion in annual payment volume. Visa announced its ZeroHash partnership on August 5, and the reported request was dated after that announcement and covered markets where ZeroHash reportedly does not hold the licenses sought.

Market impact

The sources offer few hard market figures. Cryptobriefing.com, citing CoinGecko, put the stablecoin market at about $286 billion. It also reported that Open USD has support from more than 140 companies and is expected to go live later this year. Crypto.news reported that Mastercard announced its BVNK acquisition in March at a value of up to $1.8 billion and completed it on August 3, and that BVNK said at the time its infrastructure processed about $30 billion in annual payment volume. No price, trading volume or flow data for individual stablecoins is provided in the sources, and neither source reports any market reaction to the reported request. The reported licensing requirements span four major financial markets, which the sources say would require regulatory coverage rather than a patchwork of regional partners. Visa has not disclosed when it plans to choose a provider or begin expanded settlement services, and any agreement would likely depend on licensing checks, technical integration and commercial negotiations, according to crypto.news.

Why it matters

The reported search shows how the competition between Visa and Mastercard has moved into stablecoin settlement infrastructure. Mastercard's acquisition of BVNK placed Visa's previous settlement partner under one of its largest competitors, and neither company has publicly explained how that affected the earlier relationship. Visa's reported requirements go beyond basic token transfers: the documents reportedly seek a company capable of converting between stablecoins, supplying institutional liquidity and handling settlement across jurisdictions, which crypto.news says could limit the field to infrastructure providers with established licensing, banking relationships and liquidity operations. The sources also suggest Visa wants one coordinated service rather than separate arrangements in each country. The timing matters because Visa has already launched its Stablecoin Platform and a ZeroHash partnership, yet the reported request covers markets where ZeroHash reportedly lacks the sought licenses, indicating a broader need. The requirement to connect with Open USD ties the search to a consortium-backed token that includes Visa, Mastercard and Coinbase among its supporters.