Visa Seeks New Stablecoin Partner Following Mastercard-BVNK Deal

Visa is actively seeking a new stablecoin settlement partner to replace Mastercard's recently acquired BVNK, according to a CoinDesk report published on August 18. The RFP suggests that the partner should possess multi-regional licensing capabilities, with the potential settlement partner being licensed in major markets like the U.S., U.K., Canada, and Singapore.

Visa's search for a stablecoin partner has narrowed down the options due to the stringent licensing requirements. Stablecoins are rapidly gaining attention, with a combined market cap of approximately $300 billion, as reported by CoinGecko. Mastercard's acquisition of BVNK in March aimed to provide more choices for exchanging value between fiat and digital currencies.

However, recent PYMNTS Intelligence research indicates that although consumer interest in using cryptocurrencies and stablecoins for purchases is growing, trust, uneven payment experiences, and acceptance remain significant challenges. The report also highlights that familiar apps can serve as the front door for consumers who may otherwise hesitate to enter an unfamiliar financial world.

PYMNTS suggests that providers should focus on integrating digital asset capabilities into users' existing trusted relationships, making access feel like an extension of their mobile banking experience.