Visa Reportedly Seeks New Stablecoin Settlement Partner After Mastercard Buys Payments Firm BVNK - Unchained
Visa is looking at settlement and over-the-counter partners holding crypto exchange licenses in four countries, CoinDesk reports, weeks after Mastercard closed its purchase of the firm Visa had been working with.
Visa is looking at settlement and over-the-counter partners holding crypto exchange licenses in four countries, CoinDesk reports, weeks after Mastercard closed its purchase of the firm Visa had been working with. Original Image Credits: Tada Images / Shutterstock. comPosted August 18, 2026 at 4:06 pm EST. Visais taking bids for a newstablecoinsettlement partner afterMastercardbought the firm that had been filling the role, according to CoinDesk. Visa is looking at one settlement partner and one over-the-counter partner in particular, both holding crypto exchange licenses in theU. S. , Canada, the U. K. and Singapore, CoinDeskreportedTuesday, citing documents it reviewed. The request asks for the ability to swap and support a range of stablecoins, as well as settlement forOpen USD, the token Visa named as the first asset supported on itsVisa Stablecoin Platformintroducedon July 16. Visa built the platform as an enterprise product, with wallet infrastructure, minting and burning, dual-control approvals and audit logging for banks and fintechs that want to issue or move stablecoins without assembling the stack themselves. A Rival Bought the PlumbingMastercardcompletedits acquisition ofBVNKon Aug. 3. Visa’s own history with the London company runs back to May 2025, when Visa Venturesinvestedin it. BVNK said at the time that it was processing$12 billionin annualized stablecoin payment volume. Open USD complicates the rivalry, because Visa, Mastercard and Stripe allback the same consortiumbehind the token. The two card networks are competing on infrastructure while sharing the currency that runs over it. A Short List of CandidatesLicenses across four jurisdictions narrow the pool, and Visa has not said who is in the running. It declined to comment to CoinDesk. “Stablecoins are opening up a new layer of programmable money, but for most institutions the hard part isn’t the concept, it’s the operational reality,”Jack Forestell, Visa’s chief product and strategy officer, said in therelease announcing Visa’s stablecoin platform. That operational reality is now Visa’s own problem. The platform opened in beta with a small set of clients, so the gap is not yet holding back live volume, and whoever wins the mandate inherits Visa’s institutional flow for Open USD. Related Listen:Stripe Bid $53B for PayPal: Who Actually Wins Stablecoin Payments?AI-assisted content:This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.