> ## Content Index > Fetch the complete content index at: https://stablecoininsider.org/llms.txt > Use this file to discover other available public pages before exploring further. # Visa Seeks New Stablecoin Settlement Partner After Mastercard Buys BVNK - URL: https://stablecoininsider.org/visa-seeks-stablecoin-settlement-partner-bvnk/ - Published: 2026-08-18T13:25:04.000Z - Updated: 2026-08-18T13:38:20.000Z - Description: Visa is running an RFP for a new settlement and OTC partner after Mastercard acquired BVNK. Documents seen by CoinDesk say the replacement must hold exchange licenses in the US, Canada, the UK, and Singapore, and settle Open USD. - Author: Alexandra - Tags: News, Institutions Visa is running an RFP for a new stablecoin settlement and over-the-counter partner after Mastercard acquired BVNK, according to [documents seen by CoinDesk](https://www.coindesk.com/business/2026/08/18/visa-is-looking-for-a-new-stablecoin-settlement-partner-now-that-bvnk-is-owned-by-mastercard) on 18 August 2026. The replacement must hold cryptocurrency exchange licenses in the United States, Canada, the United Kingdom, and Singapore. It must also be able to swap and support a range of stablecoins and settle Open USD. Visa declined to comment. No winner has been named. ### Key Takeaways - CoinDesk reported on 18 August 2026 that Visa is running an RFP for a new settlement and OTC partner. - The search fills the role previously held by BVNK after Mastercard bought the firm. - Mastercard [completed the BVNK acquisition on 3 August 2026](https://www.mastercard.com/us/en/news-and-trends/press/2026/august/mastercard-completes-acquisition-of-bvnk-to-advance-global-stabl.html). - The RFP requires crypto-exchange licenses in the United States, Canada, the United Kingdom, and Singapore. - The partner must swap and support a range of stablecoins and settle Open USD (OUSD). - Open USD is fronted by Stripe, Visa, and Mastercard. - No firm has been named; the news is the RFP, not a signed deal. ## What the documents ask for CoinDesk said Visa wants one settlement and OTC partner with exchange licenses in four markets. Those markets are the United States, Canada, the United Kingdom, and Singapore. The four-license bar has narrowed the field. CoinDesk reported that Visa said the need for a partner licensed across major markets limits who can bid. The RFP also talks about swapping and supporting a range of stablecoins. Settlement for Open USD is written into the same request. Visa declined to comment on the report. ## Why the seat opened Mastercard completed its acquisition of BVNK on 3 August 2026\. The payments network said the close strengthens its ability to connect digital assets and traditional payment rails. SCI covered the [March agreement to acquire BVNK](https://stablecoininsider.org/mastercard-to-acquire-bvnk/) when the deal was announced. CoinDesk now says the Visa settlement role that BVNK held is the one being rebid. [![Mastercard to Acquire BVNK](https://storage.ghost.io/c/73/6a/736af0e4-2274-4543-a329-2952b2b52abc/content/images/2026/08/mastercard-bvnk.png)](https://stablecoininsider.org/mastercard-to-acquire-bvnk/) That is a competitive problem, not a product launch. Mastercard owns the firm that had been sitting in Visa's stablecoin settlement seat. ## This RFP is not Visa Direct, and it is not a signed partner Visa has other live stablecoin work. None of it is a named winner of this search. On 5 August 2026, Visa added stablecoin prefunding and payouts to Visa Direct through [zerohash](https://stablecoininsider.org/visa-adds-stablecoin-prefunding-and-payouts-to-visa-direct-through-zerohash/). That announcement named an infrastructure partner for Visa Direct. It did not name a replacement for BVNK on settlement and OTC. The two seats are easy to confuse and are not the same story. In July, Visa launched the [Visa Stablecoin Platform](https://stablecoininsider.org/visa-launches-visa-stablecoin-platform-to-let-banks-and-fintechs-mint-move-and-manage-stablecoins/), a Visa-managed environment for banks and fintechs to mint, move, and manage stablecoins. Open USD is the first supported token. [![Visa Stablecoin Platform](https://storage.ghost.io/c/73/6a/736af0e4-2274-4543-a329-2952b2b52abc/content/images/2026/08/visa-stablecoin-platform.png)](https://stablecoininsider.org/visa-launches-visa-stablecoin-platform-to-let-banks-and-fintechs-mint-move-and-manage-stablecoins/) A platform for clients to operate stablecoins is not a licensed exchange partner. The RFP CoinDesk described is the latter. ## Open USD is in the spec The documents say the partner must handle settlement for Open USD (OUSD). Stripe, Visa, and Mastercard front that project, which plans to support multiple stablecoins. SCI mapped the coalition in [Inside the Open Standard Coalition](https://stablecoininsider.org/inside-the-open-standard-coalition/). Visa is already pointing institutional clients at OUSD through the Visa Stablecoin Platform. [![Inside the Open Standard Coalition](https://storage.ghost.io/c/73/6a/736af0e4-2274-4543-a329-2952b2b52abc/content/images/2026/08/open-usd-coalition.png)](https://stablecoininsider.org/inside-the-open-standard-coalition/) The same RFP still asks for a range of stablecoins, not OUSD alone. CoinDesk's account is that swap-and-support sits alongside the Open USD settlement requirement. ## What has not been decided No winner has been named. The news is that Visa is running an RFP, not that it has signed a replacement. CoinDesk did not report a timeline, a shortlist, or a contract value. Those details are not in the documents it described. Visa declined to comment. Until a firm is named, the only confirmed facts are the vacancy and the license list. Mastercard closed BVNK on 3 August; two weeks later, Visa is shopping the seat. ## FAQ ### What did CoinDesk report? On 18 August 2026, CoinDesk reported that documents show Visa is looking for a new stablecoin settlement and OTC partner after Mastercard acquired BVNK. The piece is an exclusive based on those documents, not a Visa press release. ### What licenses does the RFP require? The prospective partner must hold cryptocurrency exchange licenses in the United States, Canada, the United Kingdom, and Singapore. CoinDesk said that four-market bar has narrowed the set of firms that can compete. ### Why is Visa replacing BVNK? CoinDesk said the search fills the role previously held by BVNK. Mastercard [completed its acquisition of BVNK on 3 August 2026](https://www.mastercard.com/us/en/news-and-trends/press/2026/august/mastercard-completes-acquisition-of-bvnk-to-advance-global-stabl.html), leaving Visa looking for a partner that is not owned by its closest card-network rival. ### What is Open USD doing in the RFP? The documents ask the partner to handle settlement for Open USD (OUSD), the project fronted by Stripe, Visa, and Mastercard. The same request also asks for the ability to swap and support a range of stablecoins. ### Has Visa named a winner? Visa declined to comment, and CoinDesk did not name a selected firm. The story is the RFP, not a signed deal. ### Is this the same as the August zerohash announcement? The 5 August Visa Direct work with zerohash covers stablecoin prefunding and payouts. This RFP is a separate search for a settlement and OTC partner to replace the role BVNK held. ***Disclaimer:*** This content is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice; no material herein should be interpreted as a recommendation, endorsement, or solicitation to buy or sell any financial instrument, and readers should conduct their own independent research or consult a qualified professional.