Visa is actively searching for a new partner to handle stablecoin settlements after BVNK was acquired by Mastercard earlier this year.
Visa issues an RFP to support various stablecoins.
According to documents reviewed by CoinDesk, Visa is looking for a settlement and over-the-counter (OTC) partner that holds cryptocurrency exchange licenses in the U.S., Canada, the UK, and Singapore. This partner will also be responsible for managing settlements related to the newly launched Open USD stablecoin initiative, which aims to accommodate multiple stablecoins.
The Request for Proposal (RFP) issued by Visa emphasizes the need for the ability to exchange and support a diverse array of stablecoins. This includes settling transactions for the Open USD project, which is backed by major players like Stripe, Visa, and Mastercard, and is designed to facilitate the use of several stablecoins.
Visa pointed out that the requirement for a partner with licensing in all major markets has limited the pool of potential candidates. The company is particularly focused on finding one specific settlement and OTC partner with the necessary licenses across the mentioned regions.
Despite a prevailing bearish trend in the broader cryptocurrency market, the stablecoin sector continues to gain traction. The total market capitalization for stablecoins is approximately $300 billion, as reported by CoinGecko.
The urgency for strategic partnerships has increased following Stripe's acquisition of stablecoin infrastructure company Bridge for $1.1 billion late last year, which may have prompted Visa and Mastercard to explore additional stablecoin options to remain competitive.
Recently, Visa introduced its Visa Stablecoin Platform, which provides banks, fintechs, and payment service providers with tools to access, store, redeem, and transfer stablecoins, initially supporting OUSD.
Visa has chosen not to comment on the matter.