Visa Seeks New Stablecoin Partner After Mastercard Buys BVNK

Payment giant Visa is taking bids for a fresh stablecoin settlement partner following Mastercard buying BVNK, the firm that previously filled the role. Visa is looking closely at one settlement partner and one over the counter partner. Both candidates must hold crypto exchange licenses in the United States, Canada, the United Kingdom, and Singapore.

The new search comes after Mastercard completed its acquisition of BVNK in August. Visa previously invested in the London company through its venture arm in May 2025. The situation has added a fresh twist to the rivalry between the two credit card networks, especially since both companies, along with Stripe, back the consortium behind Open USD.

Visa built its stablecoin platform as an enterprise product for banks and fintech firms that want to move digital currencies easily. The platform handles wallet infrastructure, token minting, and audit logging. While the platform is currently running in beta with a small group of clients, the winning partner will soon manage Visa's institutional flow for Open USD.

Traders and industry watchers should keep an eye on who Visa selects for these licenses. The choice will shape how traditional financial institutions handle programmable money and stablecoin settlements moving forward.