TL;DRVisa launched a stablecoin platform with Open USD support, sending Circle shares down six percent as card networks race to own crypto payments.
Visa launched the Visa Stablecoin Platform on Thursday, a new infrastructure product that lets banks and payment processors issue, manage, and settle stablecoin transactions through Visa’s network. The platform launches with native support for Open USD, the stablecoin backed by a consortium of more than 140 firms including Visa, Mastercard, Stripe, and BlackRock. Jack Forestell, Visa’s Chief Product and Strategy Officer, said the product is designed to make stablecoins “as easy to use as any other form of money on the Visa network,” according to the company’s announcement.
The platform includes a Wallet-as-a-Service offering that handles custody, compliance, and transaction management for institutions that want to hold and move stablecoins without building the infrastructure themselves. Security features include dual-control approval workflows, audit logging, passkey authentication, and configurable allow lists for counterparties. Visa said the platform is currently in beta testing with select clients and will expand availability in the coming months.
