Visa stablecoin partnership search heats up as market nears $300B
Visa is on the hunt for a new settlement partner, and the search says a lot about how fast the stablecoin business has turned into a battleground for the world’s biggest payment networks. The company is looking for a settlement and over-the-counter partner holding cryptocurrency exchange licenses in the United States, Canada, the United Kingdom and Singapore, a move that signals just how central digital dollars have become to Visa’s future plans. This Visa stablecoin partnership search comes as the card giant races to keep pace with rivals who have already made bold moves of their own.
Key takeaways
- Visa is seeking a settlement and OTC partner licensed in the US, Canada, UK and Singapore.
- The chosen partner will handle settlement for the Open USD stablecoin project, backed by Stripe, Visa and Mastercard.
- Open USD plans to support multiple stablecoins, and Visa’s request for product calls for the ability to swap and support a range of tokens.
- Visa recently launched its own Visa Stablecoin Platform, with OUSD as the first supported token.
- The total stablecoin market cap sits around $300 billion, according to CoinGecko data.
Visa’s Search for a Licensed Settlement and OTC Partner
Visa wants one company to do the heavy lifting on settlement and OTC services, but that company needs licenses in four separate jurisdictions at once. That requirement alone narrows the candidate pool dramatically, which appears to be exactly the point.
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