Visa is searching for a new stablecoin settlement partner after Mastercard completed its acquisition of BVNK earlier this month. The move highlights the growing competition between the two global payments networks as stablecoins become part of mainstream payment infrastructure.
Visa is seeking a partner that can support stablecoin settlement and over-the-counter (OTC) transactions across several major markets. The company is looking for a firm with cryptocurrency exchange licences in the United States, Canada, the United Kingdom and Singapore.
The search comes shortly after Mastercard completed its acquisition of BVNK on August 3. Mastercard said the deal would strengthen its ability to connect stablecoins and traditional payment rails.
Why Visa Needs a New Stablecoin Partner
BVNK has been an important part of the stablecoin infrastructure market. Its platform helps businesses move, hold, convert and manage value between fiat currencies and digital assets. Mastercard agreed to acquire BVNK for up to $1.8 billion in March. It completed the transaction on August 3, bringing BVNK’s infrastructure into its own digital asset strategy. The acquisition changes the competitive landscape.
Visa now needs a stablecoin infrastructure partner that can operate across several regulated markets. Its request for proposals reportedly seeks a company capable of supporting multiple stablecoins and managing settlement and OTC transactions.
Visa Is Expanding Its Stablecoin Strategy
Visa’s search for a new partner comes as the company expands its own stablecoin infrastructure. Visa has been developing solutions for stablecoin settlement, cross-border payments and stablecoin-linked cards. Its Visa Stablecoin Platform is designed to help businesses and financial institutions store, access and issue stablecoins.
The company also recently announced a partnership with ZeroHash. The arrangement allows eligible Visa Direct clients to prefund accounts and send payouts using stablecoins. However, the new RFP reportedly covers markets where ZeroHash does not currently hold the required licences.
This means Visa’s search for another partner does not necessarily replace its work with ZeroHash. Instead, the payments company appears to be expanding its network of stablecoin infrastructure providers.
Open USD Adds Another Layer
Visa’s search also connects with its involvement in the Open USD project. Visa is part of the Open USD ecosystem alongside other major financial and technology companies. The initiative aims to create stablecoin infrastructure that can support different stablecoins and real-world payment use cases.
The partner Visa is seeking would also support settlement for the Open USD project, according to the documents reviewed by CoinDesk. That requirement makes regulatory coverage particularly important. A partner operating across several major financial markets could help Visa move stablecoin transactions between digital assets and traditional currencies while meeting local regulatory requirements.
Mastercard and Visa Are Building for Stablecoin Payments
The competition between Mastercard and Visa is moving beyond traditional card payments. Mastercard’s BVNK acquisition gives it direct access to infrastructure designed for stablecoin and fiat transactions. The company said BVNK supports payments across more than 130 countries and can help businesses use stablecoins for cross-border payments, payouts, settlement and treasury operations.
Visa is pursuing a similar direction through its own stablecoin platform, partnerships and settlement programmes. The difference is that both companies are building around existing payment networks rather than trying to replace traditional finance entirely. Stablecoins can act as an additional settlement rail behind the scenes. Customers may continue to transact in familiar currencies while financial institutions use blockchain-based assets to move and settle value.
Stablecoin Infrastructure Is Becoming Strategic
Visa’s search for another stablecoin partner shows how important the infrastructure layer has become. Payment companies need reliable systems to convert between fiat and digital assets. They also need liquidity, compliance, licensing and connections to local financial systems. That makes infrastructure providers increasingly valuable.
Mastercard’s purchase of BVNK demonstrates this shift. Visa’s latest search suggests that the race is not only about issuing stablecoins or accepting crypto payments. It is also about controlling the infrastructure that allows digital and traditional money to work together.
What Visa’s Search Means for the Market
Visa’s search could create an opportunity for regulated crypto firms with licences across multiple jurisdictions. However, the requirements also narrow the potential field. A company would need to meet regulatory standards in the United States, Canada, the UK and Singapore while supporting multiple stablecoins and settlement operations.
That combination of licensing, liquidity and technical infrastructure is difficult to build.For the wider crypto industry, the development reinforces a larger trend. Major payment networks are increasingly treating stablecoins as financial infrastructure rather than simply another category of digital asset.
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Editorial Takeaway
Visa’s search for a new stablecoin settlement partner comes at a significant moment for the payments industry. Mastercard now owns BVNK and is integrating its stablecoin infrastructure into its global network. Visa, meanwhile, is expanding its own stablecoin capabilities while searching for additional partners with regulatory coverage across major markets.
The competition suggests that stablecoin adoption is moving deeper into traditional payments. The next phase may not be about consumers choosing between cards and crypto. Instead, stablecoins could increasingly operate behind existing payment networks, helping financial institutions move and settle money faster across borders.
