Visa has begun looking for a new stablecoin settlement and over-the-counter partner after Mastercard completed its acquisition of BVNK earlier this month, a deal that removed Visa's existing infrastructure provider from the market and handed it to a direct competitor.
According to a request for product (RFP) seen by CoinDesk, Visa is seeking a firm capable of swapping and settling multiple stablecoins, including the newly introduced Open USD, while holding crypto exchange licences in the U.S., Canada, the UK, and Singapore. The licensing requirement across all four jurisdictions has narrowed the field of potential partners, Visa said in the document.
The acquisition closed on August 3, 2026. BVNK had been handling Visa's stablecoin settlement operations, and the change of ownership created an immediate conflict in that arrangement.
Open USD and the 140-company coalition
Visa's search is set against the backdrop of Open USD, a multi-stablecoin project led by Zach Abrams — co-founder of Bridge, which is owned by Stripe — with backing from more than 140 companies including BlackRock, Visa, Mastercard, Google, Coinbase, and DBS. Open USD is expected to go live later in 2026. Visa's prospective partner will need to support the token as part of its settlement infrastructure.
Visa has been building more of its own stablecoin rails independently. It launched the Visa Stablecoin Platform in July 2026, offering banks, fintech companies, and payment providers tools to access, store, redeem, and move stablecoins. Open USD is the first token supported on that platform.
Payments giants in infrastructure race
The episode illustrates the intensifying competition among traditional payments companies to own stablecoin infrastructure. The stablecoin market stands at approximately $286 billion in total value outstanding, per CoinGecko, and is increasingly being treated as strategic ground by the largest financial networks.
Mastercard's acquisition of BVNK — a company that had been operating Visa's settlement layer — underscores how quickly the competitive landscape is shifting. BVNK brought 24/7 stablecoin settlement capabilities and a multi-currency infrastructure that Mastercard now controls. Visa's search for a replacement partner, and its own platform buildout, are direct responses to that consolidation.
