Digital payments giant Visa has launched a formal request for proposal (RFP) to find a new stablecoin settlement partner after its previous provider, BVNK, was acquired by rival Mastercard. The acquisition closed on August 3, 2026, leaving a key settlement role inside Visa’s network vacant and forcing the company to target custody firms, settlement providers, and over-the-counter desks, CoinDesk reported on August 18.
The new partner must hold crypto exchange licenses in the United States, the United Kingdom, Canada, and Singapore and will be required to handle conversions between fiat currencies and digital assets. The operator will also support processing for the Open USD (OUSD) project, a joint initiative by Visa, Mastercard, and Stripe aimed at standardizing interoperability across dollar-pegged tokens. Visa representatives said the strict multi-jurisdictional licensing requirement substantially narrows the pool of eligible candidates.
The move reflects wider competitive pressure in payments infrastructure. Mastercard’s absorption of BVNK removed technology Visa had relied on for cross-border settlement, pushing Visa to avoid dependence on a direct competitor’s stack. The development follows Stripe’s $1.1 billion acquisition of Bridge in late 2024, a deal that raised the bar for vertical integration among traditional card networks and crypto-native firms.
The stablecoin market now stands at roughly $300 billion in total market capitalization as of August 18, 2026, according to CoinGecko, with corporate settlement volumes growing on demand for B2B payments and 24/7 cross-border transfers. Visa also launched its Visa Stablecoin Platform in July 2026 to help banks and fintechs issue, custody, and transfer digital assets. The RFP process remains open as the consortium prepares for the large-scale technical rollout of Open USD, expected by the end of this year.
