Visa seeks new stablecoin partner after BVNK sale to Mastercard

Visa is seeking a new stablecoin settlement partner after the sale of its partner BVNK to Mastercard. The U.S. payments giant announced the move on Tuesday, citing the recent acquisition of BVNK by Mastercard in March 2024 as a conflict of interest that forces Visa to find an alternative. BVNK had been a key player in Visa’s strategy to support the settlement of stablecoins—cryptocurrencies pegged to the U.S. dollar—on its global network.

Stablecoins are seen as a bridge between fiat currencies and digital assets, and Visa has been investing heavily in that space. In 2022, the company announced a pilot with BVNK to enable merchants to accept stablecoin payments and settle them instantly in dollars, a move that could reduce costs and increase speed for cross‑border transactions. The partnership also helped Visa demonstrate its readiness for a future where digital currencies coexist with traditional money. With Mastercard now owning BVNK, Visa’s access to the platform is limited, and the payments firm must avoid any appearance of favoritism toward a rival that could undermine its competitive position.

In the coming weeks, Visa is reportedly in talks with several fintech firms that specialize in stablecoin infrastructure, including BitGo, Coinbase, and Circle. The company may also explore building its own settlement layer or partnering with a blockchain‑agnostic provider that can integrate with Visa’s existing payment network. Regulatory scrutiny will likely shape the choice, as the U.S. Treasury’s Office of the Comptroller of the Currency has been tightening rules around stablecoin issuers and settlement services. Visa’s leadership has emphasized that it remains committed to supporting merchants and consumers in a digital‑currency‑enabled ecosystem while maintaining the security and reliability that its brand promises.

The next step for Visa will be to announce a new partnership by the end of the year, with a pilot expected to launch in Q3 2025. The move signals that the payments industry is still in a state of rapid experimentation, with major players vying to secure a foothold in the emerging stablecoin market. If Visa succeeds in establishing a robust settlement partner, it could cement its role as the backbone of global digital‑currency transactions and keep it ahead of Mastercard in the race to dominate the