Visa is reportedly seeking a new stablecoin settlement and over the counter partner after Mastercard acquired BVNK, which previously filled that role.
Summary
- Visa reportedly seeks a stablecoin settlement partner licensed across the U.S., Canada, U.K. and Singapore.
- The confidential request reportedly requires multiple coin swaps, settlement services and support for Open USD transactions.
- Mastercard completed its BVNK acquisition on August 3, absorbing Visa’s previous stablecoin infrastructure partner entirely.
- Visa’s separate ZeroHash agreement supports stablecoin payouts but does not cover every requested licensed market.
- Visa has not confirmed the RFP, identified candidates or announced a partner selection deadline publicly.
The confidential request for product seeks a provider with cryptocurrency exchange licenses in the U.S., Canada, the U.K. and Singapore, according to a report published on August 18.
The documents reportedly call for support across several stablecoins, including the ability to conduct swaps and provide settlement services. The selected company would also help process transactions involving Open USD.
Visa declined to comment on the reported process. It has not publicly confirmed the request, named any candidates or disclosed a selection timetable.
Visa wants one partner across four regulated markets
The reported licensing requirements give the search a clear U.S. angle. A successful candidate would need regulatory coverage spanning four major financial markets rather than operating through a patchwork of regional partners.
According to the report, Visa has narrowed its attention to one settlement and over the counter provider. Its identity remains undisclosed. No evidence currently shows that Visa has made a final selection or entered a binding agreement.
The required services would extend beyond basic token transfers. The documents reportedly seek a company capable of converting between stablecoins, supplying institutional liquidity and handling settlement across different jurisdictions.
These requirements could limit the field to infrastructure providers with established licensing, banking relationships and liquidity operations. They also suggest Visa wants one coordinated service rather than separate arrangements in each country.
Mastercard’s BVNK acquisition created the reported gap
Mastercard completed its acquisition of BVNK on August 3. The payments company said BVNK would strengthen its infrastructure for stablecoin payments, settlements, payouts and treasury operations.
The transaction was announced in March at a value of up to $1.8 billion. BVNK said at the time that its infrastructure processed about $30 billion in annual payment volume.
As previously reported, Mastercard completed its BVNK acquisition after obtaining the necessary approvals. The change in ownership placed BVNK under one of Visa’s largest competitors.
BVNK had served as Visa’s stablecoin settlement partner. Neither Visa nor BVNK has publicly explained how Mastercard’s acquisition affected that earlier commercial relationship.
Visa already operates other stablecoin programs
Visa announced a separate partnership with ZeroHash on August 5. That arrangement allows eligible Visa Direct clients to fund accounts and send payouts through stablecoins.
However, the reported request was dated after the ZeroHash announcement. It also covered markets where ZeroHash reportedly does not hold the licenses sought by Visa. The new search therefore appears to address a broader geographic and operational need.
Visa has also introduced the Visa Stablecoin Platform. The company said in a July release that the platform would help institutions access, store, issue, redeem and transfer stablecoins.
Open USD is its initial supported asset. In related coverage, Visa launched its Open USD platform with selected clients participating in beta testing.
The selection process has no public deadline
Visa has not disclosed when it plans to choose a provider or begin expanded settlement services. Any agreement would likely depend on licensing checks, technical integration and commercial negotiations.
The reported partner would also need to connect with Open USD, which is backed by a consortium that includes Visa, Mastercard and Coinbase. More than 140 companies were associated with the initiative when it was announced.
As crypto.news reported, Visa supports a multiple coin strategy rather than treating Open USD as a replacement for USDT or USDC. That position fits the reported requirement for a partner capable of handling several stablecoins.
Until Visa confirms the request or names a provider, the RFP and its requirements remain attributed to the documents reviewed by CoinDesk.
