Visa Seeks New Stablecoin Partner Amid Strategic Shift
Visa is in the midst of a strategic pivot as it searches for a new stablecoin settlement and over-the-counter partner following the loss of its previous provider, BVNK, which was acquired by Mastercard in a $1.8 billion deal. The timing of the acquisition on August 3, 2026, coincides with Visa’s issuance of a request for proposal (RFP) on August 18, 2026, to find a replacement, according to CoinDesk and PYMNTS.
The departure of BVNK has left Visa scrambling to rebuild its infrastructure while Mastercard integrates BVNK’s capabilities into its cross-border and remittance network, Mastercard Move. Visa’s RFP is highly specific, requiring a partner that holds cryptocurrency-exchange licenses in the U.S., Canada, the UK, and Singapore, a stringent requirement that narrows the field of potential candidates significantly.
Visa’s ambitions for its Open USD (OUSD) stablecoin project, which includes backing from over 140 firms such as BlackRock, Coinbase, and American Express, hinge on finding a partner capable of handling OUSD settlement. The RFP highlights the importance of this requirement, as Visa’s current stablecoin stack remains operational but is dependent on securing a new backend partner.
With the $300 billion stablecoin market up for grabs, Visa’s decision to pursue a consortium-led approach contrasts sharply with Mastercard’s vertical integration strategy. Visa’s success in finding a partner that meets its stringent requirements will determine whether its collaborative model can compete with Mastercard’s proprietary approach. Visa has not commented on the RFP, leaving the market to speculate on the outcome of this critical search.
Source: forkast.news — Visa’s Search for a New Stablecoin Partner Reveals a Strategic Divide
