Visa searches for stablecoin partner across four markets

• Visa is reportedly seeking a stablecoin settlement and over-the-counter partner across the US, Canada, UK and Singapore.
• The confidential request reportedly covers stablecoin swaps, settlement services and Open USD transactions.
• The search follows Mastercard’s August 3 acquisition of BVNK, which had served as Visa’s stablecoin settlement partner.

Visa is reportedly seeking a new stablecoin settlement and over-the-counter partner across four regulated markets.

The reported request requires crypto exchange licences covering the US, Canada, UK and Singapore.

The selected provider would reportedly support several stablecoins, including swaps, institutional liquidity and settlement services.

The request would also require support for transactions involving Open USD, Visa’s stablecoin platform asset.

Visa has not confirmed the reported request, named candidates or announced a selection deadline.

The search follows Mastercard’s acquisition of BVNK, completed on August 3, for a transaction announced at up to $1.8 billion.

Visa also announced a separate ZeroHash partnership on August 5 for stablecoin-funded accounts and payouts through Visa Direct.