Visa seeks new stablecoin partner after BVNK acquisition

Visa seeks a new stablecoin settlement partner with crypto licenses in the US, Canada, UK, and Singapore after BVNK's acquisition by Mastercard.

Visa is searching for a new stablecoin settlement and over-the-counter partner after its previous provider, BVNK, was acquired by Mastercard for up to $2 billion. The ideal partner must hold cryptocurrency exchange licenses in the U.S., Canada, UK, and Singapore, and support multiple stablecoins and blockchains. This includes settlement for the Open USD project, which is backed by Stripe, Visa, and Mastercard. These strict requirements significantly narrow the pool of eligible candidates, as few firms possess regulatory coverage in all four jurisdictions. The move underscores the growing strategic importance of stablecoins in global payments. Visa's decision highlights its commitment to sustaining and expanding real-time settlement services, even amid bearish crypto market conditions. It also demonstrates the contrasting strategies of major payment networks: Mastercard is acquiring infrastructure, while Visa pursues external partnerships.