Visa expands stablecoin push with new platform serving 200 million merchants
Visa Inc. unveiled the Visa Stablecoin Platform to help banks and fintechs integrate dollar-backed cryptocurrencies into existing payment and treasury operations. The platform integrates with Open USD and offers Wallet-as-a-Service, aiming to simplify adoption for Visa's network of 15,000 financial institutions and 200 million merchants. Competitors like Mastercard Inc. and American Express Co. are also expanding their stablecoin capabilities.
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Visa Inc. on Thursday unveiled a new stablecoin infrastructure platform aimed at helping banks and fintech companies integrate dollar-backed cryptocurrencies into existing payment and treasury operations. The new Visa Stablecoin Platform enables financial institutions to manage stablecoins within Visa’s existing payment and treasury infrastructure rather than building separate blockchain systems. The company, which processes roughly $15 trillion in annual payment volume, already settles several billion dollars using stablecoins. The platform is designed to make stablecoin adoption easier for its network of approximately 15,000 financial institutions and over 200 million merchants.
Visa Stablecoin Platform
The platform integrates directly with Open USD (OUSD), a stablecoin recently introduced by Open Standard, a consortium of financial institutions that includes Visa as a partner. It provides onchain wallet infrastructure through a Wallet-as-a-Service offering and connectivity for minting and burning Open USD. This allows institutions to bring fiat onchain and manage flows within a trusted environment.
"It’s less about accessing stablecoins and more about how this interoperates with their treasury settlement, money movement workflows and existing banking infrastructure," Rubail Birwadker, Visa’s global head of growth, told Fortune.
Key Features and Workflow
The platform offers several capabilities designed to help institutions move from exploration to implementation. Institutions can onboard into a Visa-managed wallet stack or connect existing wallets to manage stablecoin activity. Clients can link bank accounts and configure approvals, users, and policies to govern movements. The platform supports minting, redeeming, holding, and transferring stablecoins, starting with Open USD, as part of treasury and liquidity workflows.
| Feature | Description |
|---|---|
| Access to Open USD | Seamless integration with the Open Standard allows clients to mint, burn, manage, and transfer Open USD. |
| Onchain Wallet Infrastructure | VSP packages the necessary wallet infrastructure, controls, and workflows for treasury, settlement, and product stacks. |
| Network Integration | The platform enables connectivity into Visa’s network and tools, allowing users to embed stablecoin capabilities into existing payment flows and settlement processes. |
| Security and Trust | Features include dual-control approval for workflows, comprehensive audit logging, and secure passkeys to ensure the level of control required by institutions. |
Industry Context
The payments giant became the first major payment network to settle transactions using USDC in 2020 and expanded its stablecoin settlement capabilities in late 2025. Visa is not alone in embracing stablecoins. Mastercard Inc. recently expanded its stablecoin settlement capabilities by allowing banks and payment providers to settle card transactions using six regulated dollar-backed stablecoins. Meanwhile, American Express Co. has also joined Open Standard alongside Visa and Mastercard, signaling growing support among traditional payment networks for stablecoin-based financial infrastructure.
How will the introduction of the Visa Stablecoin Platform impact the competitive landscape between traditional payment networks and decentralized finance (DeFi) protocols?
What regulatory hurdles might Visa and its partner banks face as they scale the use of dollar-backed stablecoins for treasury and settlement operations?
Will the platform's integration with Open USD encourage other major financial institutions to launch their own proprietary stablecoins?
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