Visa Seeks New Stablecoin Partner Amid Growing Industry Competition

Visa is seeking a new stablecoin settlement partner with licensing capabilities across multiple regions. The move comes after its previous partnership with BVNK, which was acquired by Mastercard earlier this year.

The payments giant has issued a request for product (RFP) that highlights the need for a stablecoin partner licensed in major markets. Visa is looking at one settlement and an over-the-counter (OTC) partner, specifically with cryptocurrency exchange licenses in the U.S., Canada, the UK, and Singapore.

The total stablecoin market cap stands at about $300 billion, according to CoinGecko data. This has made strategic moves more urgent for large card networks and payments players, particularly after Stripe acquired stablecoin infrastructure firm Bridge for $1.1 billion in late 2024.