Visa Hunts New Stablecoin Partner After Mastercard Acquires BVNK

Visa is searching for a new stablecoin partner to replace BVNK after Mastercard's acquisition of the company. The RFP, viewed by CoinDesk, requires a partner that offers multi-regional licensing capabilities and can handle settlement for various stablecoins, including Open USD.

The need for a partner licensed in major markets has narrowed down the potential partners, according to Visa. The company is considering one settlement and an over-the-counter (OTC) partner, both with licenses in the U.S., U.K., Canada, and Singapore.

The stablecoin market remains robust despite the downturn in the larger cryptocurrency market. With a total market cap of around $300 billion, according to CoinGecko data, major card networks and payments companies are focusing on stablecoins.