Visa is looking for a new stablecoin settlement partner with licensing capabilities across multiple regions, according to documents seen by CoinDesk. This would fill the role previously held by BVNK, the stablecoin firm acquired by Mastercard earlier this year.
Visa’s request for product (RFP) talks about the need to swap and support a range of stablecoins, as well as handle settlement for the newly introduced Open USD stablecoin project, fronted by Stripe, Visa and Mastercard, which plans to support multiple stablecoins.
The need for a stablecoin partner licensed in all major markets means the scope of potential partners has narrowed somewhat, Visa said. The payments giant said it is looking at one settlement and an over-the-counter (OTC) partner in particular, with cryptocurrency exchange licenses in the U.S., Canada, the UK and Singapore.
The stablecoin race hasn’t slowed down despite a flat bearish market persisting across the rest of the crypto industry. As such, stablecoins have become a focal point for the large card networks and payments players. The total stablecoin market cap is about $300 billion, according to CoinGecko data.