Visa is searching for a new stablecoin settlement partner following Mastercard’s acquisition of BVNK, the company that previously managed settlement for Visa’s stablecoin operations. Stableco
Visa is searching for a new stablecoin settlement partner following Mastercard’s acquisition of BVNK, the company that previously managed settlement for Visa’s stablecoin operations.
Visa has identified one potential settlement partner and one over-the-counter partner, both of which possess crypto exchange licenses in the United States, Canada, the United Kingdom, and Singapore. This search was detailed in internal documents reviewed on Tuesday, and emphasizes Visa’s intention to ensure robust cross-jurisdictional support for its stablecoin activities.
The chosen partners will need the capability to swap and settle a range of stablecoins, as well as provide settlement support for Open USD. Open USD is the first token to be supported by the Visa Stablecoin Platform, which was officially launched on July 16.
The Visa Stablecoin Platform was built as an enterprise solution, allowing banks and fintech firms to issue or move stablecoins without assembling their own infrastructure. The platform includes wallet infrastructure, minting and burning capabilities, dual-control approvals, and audit logs to streamline institutional stablecoin operations.
Mastercard completed its purchase of London-based BVNK on August 3. Visa had a prior partnership with BVNK, going back to May 2025 when Visa Ventures made an investment in the company. At that time, BVNK reportedly processed $12 billion in annualized stablecoin payment volume.
The rivalry between Visa and Mastercard is complicated by the fact that both companies, alongside Stripe, back the same industry consortium responsible for the Open USD token. While the three firms compete on infrastructure, they are unified in support of the currency itself.
Visa has not released the names of the new potential partners being considered for its stablecoin settlement operations and declined to comment regarding ongoing negotiations.
The requirement for partners with active licenses in four major jurisdictions limits the candidate pool and raises the stakes for the eventual selection. Whoever is awarded the mandate will play a critical role in handling Visa’s institutional Open USD flows and overall stablecoin operations.
Speaking on the launch of the Visa Stablecoin Platform, Jack Forestell, Visa’s chief product and strategy officer, explained the challenge institutions face:
“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.”
For now, the Visa platform remains in beta with a small group of clients, so the absence of a replacement partner has not yet impacted live transaction volumes. The company’s choice of settlement partner will shape the next phase of its stablecoin business.
With global payment giants pursuing their own infrastructure while supporting the same stablecoin, market watchers stress the importance of monitoring breaking developments, technical levels, and real-time trends. In a market where a single Fed decision or a sudden altcoin listing can change everything in seconds, staying updated across multiple sources has proven costly for investors. Many are now turning to privacy-first tools like CryptoAppsy, which offer real-time charts, price alerts, coin-specific news, and key macroeconomic data in a single interface without requiring an account.
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