Visa Seeks New Stablecoin Partner as Mastercard Acquires BVNK for $1.8 Billion

Mastercard's acquisition of BVNK for up to $1.8 billion has sent shockwaves through the payments industry, particularly in the stablecoin space.

Visa, which had been working with BVNK on its stablecoin settlement pilot, now needs to find a new partner to support its growing business, which reached a $7 billion annualized run rate by April, up 50% from the previous quarter.

Unlike Mastercard's acquisition-led approach, Visa is taking a partnership-led route, seeking infrastructure firms that can provide specific settlement and OTC capabilities. The company has released an RFP (request for proposal) with requirements that include supporting multiple stablecoins, maintaining crypto-exchange licenses in several countries, and offering institutional settlement capabilities.

The search for a new partner puts infrastructure firms like Zero Hash, Fireblocks, Paxos, Kraken, and Circle in the spotlight. These companies already have experience working with Visa or offer specialized services that could complement the company's stablecoin business.