Visa is on the lookout for a brand new stablecoin settlement accomplice with licensing capabilities throughout a number of areas, based on paperwork seen by CoinDesk. This might fill the position beforehand held by BVNK, the stablecoin agency acquired by Mastercard earlier this yr.
Visa’s request for product (RFP) talks concerning the means to swap and assist a spread of stablecoins, in addition to deal with settlement for the newly launched Open USD stablecoin venture, fronted by Stripe, Visa and Mastercard, which plans to assist a number of stablecoins.
The necessity for a stablecoin accomplice licensed in all main markets means the scope of potential companions has narrowed considerably, Visa stated. The funds big stated it’s one settlement and an over-the-counter (OTC) accomplice specifically, with cryptocurrency alternate licenses within the U.S., Canada, the UK and Singapore.
The stablecoin race hasn’t slowed down regardless of a flat bearish market persisting throughout the remainder of the crypto trade. As such, stablecoins have turn out to be a focus for the massive card networks and funds gamers. The whole stablecoin market cap is about $300 billion, based on CoinGecko information.