Visa is looking for a new stablecoin settlement and over-the-counter partner after Mastercard completed its acquisition of BVNK, the company that had been supporting Visa’s stablecoin settlement operations.

The search follows a change that effectively moved part of Visa’s infrastructure chain under the control of a direct rival. A request for product seen by CoinDesk shows Visa is now seeking a replacement provider with broad stablecoin capabilities and regulatory coverage across several major markets.

BVNK deal forced a partner reset

Mastercard completed its purchase of BVNK on Aug. 3, ending Visa’s ability to rely on the same provider for settlement support without conflict. BVNK had been handling Visa’s stablecoin settlement operations, and the ownership change created an immediate issue for that arrangement.

As a result, Visa has begun searching for another firm that can take over key functions tied to settlement and OTC activity. The move reflects how quickly partnerships in digital asset payments can be reshaped when core service providers are acquired by competitors.

Visa’s requirements narrow the field

According to the RFP, Visa wants a partner that can swap and settle multiple stablecoins, including Open USD. The document also calls for a company that holds crypto exchange licenses in the United States, Canada, the United Kingdom, and Singapore.

That combination of technical and licensing requirements significantly reduces the number of possible candidates. Any replacement would need to support cross-border operations in several regulated jurisdictions while fitting into Visa’s evolving stablecoin settlement setup.

Open USD is part of the infrastructure plan

Open USD is a multi-stablecoin project led by Zach Abrams and backed by more than 140 companies, including BlackRock, Visa, Mastercard, Google, Coinbase, and DBS. It is expected to go live later in 2026.

Visa’s next settlement partner will need to support Open USD as part of the company’s infrastructure plans. That requirement ties the partner search not only to current settlement needs, but also to a token initiative that still has not launched.

Visa is also building its own rails

At the same time, Visa has been developing internal stablecoin tools. In July 2026, the company launched the Visa Stablecoin Platform, which is designed to give banks, fintechs, and payment providers the ability to access, store, redeem, and move stablecoins.

Open USD is the first token on that platform. The launch suggests Visa is not only replacing an external service provider, but also expanding the amount of stablecoin infrastructure it controls directly.

Competition for stablecoin infrastructure is intensifying

The episode highlights growing competition between major payments companies over stablecoin infrastructure. Mastercard’s acquisition of BVNK and Visa’s subsequent search for a new partner point to a market that is changing quickly as established networks try to secure their position.

The next confirmed step is Visa’s selection of a replacement provider that can meet its licensing and settlement requirements, including support for Open USD. Until that happens, the company appears to be balancing an urgent partner search with the continued buildout of its own stablecoin platform.

Source: www.blockhead.co