Visa has introduced the Visa Stablecoin Platform (VSP), an enterprise platform intended to give financial institutions, fintechs, and crypto-native companies access to stablecoin capabilities through a single, Visa-managed environment. The launch builds on Visa's existing crypto-related initiatives and is designed to bring stablecoin functionality closer to the operational infrastructure that banks and payment providers already use.
Access to Open USD and wallet infrastructure
VSP is built to integrate directly with the Open Standard, giving institutions access to Open USD (OUSD), a stablecoin recently introduced by Open Standard. Through this integration, clients can mint, burn, manage, and transfer Open USD while bringing fiat currency onchain within an environment connected to Visa's existing network.
The platform also introduces a Wallet-as-a-Service offering, providing onchain wallet infrastructure, controls, and workflows intended for use in treasury, settlement, and product operations. Visa has said this component is meant to make stablecoin holdings and transfers usable within institutional systems rather than requiring separate, standalone infrastructure.
Integration with Visa's network and controls
VSP is designed to connect stablecoin activity to Visa's existing network, tools, and settlement, treasury, and currency solutions, allowing clients to embed stablecoin capabilities into payment flows they already operate. For institutions already using Visa's settlement and treasury services, the platform is intended to provide direct interoperability with those existing workflows.
Security and control features include dual-control approval, where one user initiates a sensitive transaction and a separate authorised user must approve it, alongside audit logging, secure passkeys, and allow lists governing transfers. According to a Visa official, the platform is meant to give institutions the operational controls, security, and network reach associated with Visa while addressing the practical challenges of managing stablecoins, rather than the conceptual ones.
VSP is designed to be interoperable with Visa's other existing stablecoin-related offerings, including stablecoin settlement, stablecoin-linked cards, and stablecoin money movement, forming a broader set of tools intended to help financial institutions and fintechs operate onchain and to give crypto platforms access to Visa's network.
Onboarding and rollout
Institutions can onboard onto a Visa-managed wallet stack or connect existing wallets, consolidating stablecoin minting, burning, and transfer activity in one place. Clients can also link bank accounts and configure approval policies determining who can initiate and authorise stablecoin transactions. From launch, VSP supports minting, redemption, holding, and transferring of stablecoins, beginning with Open USD, as part of treasury, settlement, and liquidity workflows.
VSP, including its Wallet-as-a-Service component, is currently available for beta testing with a select group of clients. Visa has said it intends to use findings from this testing phase to guide how the platform is developed further and where it may become available more broadly.
