key insights:
- Regulatory coverage now carries similar importance to technical capability.
- Multi-stablecoin support reduces dependence on a single digital dollar.
- Institutional liquidity could become central to cross-border settlement infrastructure.
Visa is seeking a new stablecoin settlement partner with regulatory coverage across four major financial markets. The search follows Mastercard’s August 3 acquisition of BVNK, which previously supported the payments company’s stablecoin settlement operations. The move highlights growing competition among global payment networks for regulated digital-asset infrastructure.
The confidential request for product, reported by CoinDesk, targets providers licensed in the United States, Canada, Britain, and Singapore. The selected company must support multiple stablecoins, institutional swaps, liquidity, and cross-border settlement services.
Mastercard deal forces infrastructure rethink
Mastercard completed its acquisition of BVNK on August 3, 2026, after securing the required approvals. The transaction effectively placed a former settlement provider inside one of the company’s largest direct competitors.
Mastercard announced the deal in March at a value reaching $1.8 billion. BVNK previously said its infrastructure processed about $30 billion in annual payment volume. That ownership change created a significant commercial complication. BVNK had provided stablecoin settlement infrastructure that supported its rival’s digital-asset operations.
VISA SEEKS NEW STABLECOIN SETTLEMENT AND OTC PARTNER AFTER MASTERCARD ACQUIRES BVNK
REQUIRES CRYPTO EXCHANGE LICENSES IN US, CANADA, UK AND SINGAPORE
— The Wolf Of All Streets (@scottmelker) August 18, 2026
The new RFP emerged after the acquisition closed. According to CoinDesk, the documents narrow the search toward providers with licenses covering all four target jurisdictions.
That requirement reduces the available field. Many cryptocurrency infrastructure companies hold permissions in selected markets but lack comparable coverage across every required region.
ZeroHash agreement leaves geographic gaps
The payments group announced a separate partnership with ZeroHash on August 5. That agreement allows eligible Visa Direct clients to prefund accounts and distribute payouts using stablecoins.
However, the RFP documents reportedly carry dates after the ZeroHash announcement. They also identify jurisdictions where ZeroHash lacks the licenses requested under the new mandate.
Therefore, the two arrangements appear to address different operational requirements. The ZeroHash partnership focuses on stablecoin funding and payouts for eligible clients. The new search covers broader settlement, trading, and regulatory functions. CoinDesk reported that the company has focused on one settlement and OTC provider in particular.
The potential partner remains unidentified. The company has also disclosed no public deadline for choosing a provider.
Open USD raises the technical stakes
The prospective Visa stablecoin partner must also support Open USD, according to the reported documents. The project brings together major financial, technology, and cryptocurrency companies around interoperable stablecoin infrastructure.
Open USD has backing from more than 140 companies. Participants reportedly include BlackRock, Mastercard, Google, Coinbase, DBS, and Stripe-linked businesses. The initiative is expected to launch later in 2026.While Stripe acquired Bridge in late 2024, Zach Abrams, one of the co-founders, fronts the project.
This is a $1.1 billion acquisition by Stripe of Bridge, reinforcing its efforts in the stablecoin payment infrastructure sector. That deal added to the competition on the top payment networks.
In the interim, the card network beefed up its own operations. In July 2026, it launched the Visa Stablecoin Platform for banks, fintech firms, and payment providers. It offers access, storage, redemption and transfer options for stablecoins. Its first supported asset is Open USD.
However, as reported in the RFP, internal infrastructure can’t take the place of external regulated partners. Licensing, liquidity, banking and coverage across jurisdictions are all requirements for settlement.
Stablecoins turn into the strategic payment infrastructure.
The Visa stablecoin partner search is part of a broader trend in the global payments landscape. Despite the bear market conditions in some areas of the crypto industry, stablecoins still draw investment.
According to CoinGecko, the value of the stablecoin market is estimated to reach $300 billion. This scale is beginning to have stablecoins become part of the payment and treasury infrastructure.
The BVNK deal by Mastercard also illustrates how the ownership of infrastructure can alter competitive dynamics. The deal is not just about adding technology, it also eliminates capacity for competitors. Licensing could be the biggest obstacle for payment networks. While the technology can grow quickly, the market access for it is regulated and grows even slower.
A provider operating across America, Canada, Britain, and Singapore could offer one coordinated settlement layer. That approach may reduce dependence on separate regional arrangements. It could also simplify liquidity management and stablecoin conversions across international payment corridors.
Conclusion
The Visa stablecoin partner decision could reveal how global payment networks intend to structure their next digital settlement layer. The winning provider will need more than blockchain technology and liquidity.
It must combine regulatory permissions, institutional trading capabilities, and multi-asset settlement across four demanding markets. Until the company confirms the RFP or announces a selection, the reported process remains unresolved.
Yet the direction appears clear. Stablecoin competition has moved beyond token issuance toward control of regulated settlement infrastructure.
