Visa has reportedly issued a request for product seeking a new stablecoin settlement and over-the-counter partner, following Mastercard's acquisition of BVNK earlier in 2026.
According to CoinDesk, the search would fill the role previously held by BVNK, the stablecoin infrastructure firm acquired by Mastercard earlier in 2026 for up to USD 1.8 billion.
Scope of the request for the product
Visa's request for product outlines the need for a partner able to swap and support a range of stablecoins, as well as handle settlement for Open USD (OUSD), a stablecoin project backed by Stripe, Visa, and Mastercard that is designed to support multiple stablecoins.
According to the documents, the requirement for licensing across major markets has narrowed the pool of eligible partners. Visa also reportedly said it is evaluating one settlement and over-the-counter partner in particular, one that holds cryptocurrency exchange licenses in the US, Canada, the UK, and Singapore.
The stablecoin sector has continued to attract investment despite a broader downturn across the cryptocurrency industry. Card networks and payment providers have identified stablecoins as a strategic priority, with the total stablecoin market capitalisation standing at approximately USD 300 billion, according to CoinGecko data.
Competitive pressure in the sector increased after Stripe acquired stablecoin infrastructure firm Bridge in late 2024 for USD 1.1 billion. The deal is understood to have prompted card networks, including Visa and Mastercard, to assess partnerships with other stablecoin infrastructure providers.
Visa's existing stablecoin infrastructure
Visa launched its Visa Stablecoin Platform in July 2026, offering banks, fintechs, and payment providers tools to access, store, redeem, and move stablecoins. OUSD serves as the initial token supported on the platform.
The move to identify a new settlement and over-the-counter partner follows the departure of BVNK from the independent market once it became part of Mastercard, removing an option that had previously supported multiple card networks.
