- l that Visa seeks a new stablecoin settlement partner with operational licenses in the United States, the United Kingdom, Canada, and Singapore.
- Mastercard completed the acquisition of infrastructure firm BVNK on August 3, 2026, leaving the previous settlement role within Visa’s network vacant.
- The total market capitalization of the stablecoin sector stands around $300 billion as of August 18, 2026, according to data from CoinGecko.
Digital payments giant Visa seeks a new stablecoin settlement partner with multi-regional licenses after the sale of its former provider, BVNK, to its main competitor, Mastercard, was finalized, CoinDesk reported this Tuesday.
JUST IN: Visa $V seeks new crypto stablecoin partner to expand settlements globally.
— Watcher.Guru (@WatcherGuru) August 18, 2026
The departure of BVNK forced the company to launch a formal request for proposal (RFP) targeting custody firms, settlement providers, and over-the-counter (OTC) desks. Data from CoinDesk indicates that the new partner will be required to execute conversions between traditional fiat currencies and digital assets, in addition to processing operations for the Open USD (OUSD) project. This joint initiative, driven by Visa, Mastercard, and Stripe, aims to standardize interoperability across multiple dollar-pegged tokens.
The selection process imposes stringent regulatory requirements. The chosen operator must concurrently hold formal crypto exchange licenses in the United States, Canada, the United Kingdom, and Singapore. Company representatives noted in the RFP that this level of regulatory compliance substantially narrows the pool of eligible entities internationally.
Industry Reconfiguration and Competitive Pressure
Mastercard’s acquisition of BVNK took place on August 3, absorbing the underlying technology that Visa relied on for part of its cross-border settlement operations. Market sources suggest this corporate move accelerated the need to secure proprietary technical channels or independent alliances to prevent reliance on a direct competitor’s infrastructure.
This dynamic follows the precedent set in late 2024, when Stripe acquired the platform Bridge for $1.1 billion. Industry analysts point out that the transaction raised the bar for vertical integration, driving traditional card networks to embed crypto-native firms into their treasury frameworks.
Financial institutions’ growing interest coincides with a stablecoin market recording $300 billion in total market capitalization, according to metrics published by CoinGecko for August 2026. Industry reports highlight that corporate settlement volumes have sustained steady growth, driven by demand for B2B payments and 24/7 cross-border transfers.
For its part, Visa launched its Visa Stablecoin Platform in July 2026, designed to enable banks and fintech companies to issue, custody, and transfer digital assets. The current bidding process specifically aims to address the institutional exchange layer and settlement across regulated markets.
The RFP process remains open while the consortium prepares for the large-scale technical rollout of Open USD, scheduled for the end of this year.
