Visa Launches Stablecoin Platform for Banks and Fintechs

Visa has launched the Visa Stablecoin Platform (VSP), a new service enabling banks, fintechs, and payment providers to issue, store, transfer, and redeem stablecoins through its network. The platform combines minting, redemption, wallet infrastructure, and treasury management into a single Visa-managed system, eliminating the need for institutions to build their own blockchain infrastructure. At launch, VSP supports Open USD (OUSD), a stablecoin introduced by the Open Standard consortium, and is designed to work alongside existing support for Circle's USDC and Paxos' USDG. Visa Chief Product and Strategy Officer Jack Forestell stated the platform offers clients a single place to manage stablecoin operations with the controls and security they expect from Visa. The platform includes Wallet-as-a-Service infrastructure, blockchain connectivity, and security controls such as dual-approval workflows, audit logs, and transfer allow lists. Institutions can use Visa-managed wallet stacks or connect their own providers. The launch follows Visa's expansion of its stablecoin settlement program in April, which reached $7 billion in annualized volume and supported over 130 stablecoin-linked card programs across 50+ countries. Circle's shares fell after the announcement, reflecting investor concern that partner-owned stablecoin models like Open USD could challenge established issuers. VSP is initially available to select beta users.