TLDR
- Visa launched the Visa Stablecoin Platform (VSP) to help banks and fintechs issue and manage stablecoins
- The platform launches with Open USD (OUSD), a new stablecoin backed by Visa, BlackRock, Alphabet, and Coinbase
- OUSD charges no minting or redemption fees and returns most reserve income to distribution partners
- Circle shares fell around 5% Thursday as investors worry the new model threatens USDC’s economics
- Visa already supports USDC and USDG, and integrates VSP with its existing payments network
Visa has launched a new enterprise platform that lets banks, fintech companies, and crypto firms issue and manage stablecoins through its payments network.
⚡️VISA TO BRING STABLECOINS TO 200 MILLION MERCHANTS
Visa just launched a stablecoin platform that will debut with Open Standard USD (OUSD), along with existing support for Circle’s USDC and Paxos’ USDG.
Visa settles roughly $15 trillion annually and serves about 15,000… https://t.co/nBlYPEb69q pic.twitter.com/rYBnJrT6Os
— Coin Bureau (@coinbureau) July 16, 2026
The Visa Stablecoin Platform, announced Thursday, supports minting, redemption, storage, and transfer of stablecoins through a single system. It also includes wallet infrastructure, dual-approval workflows, audit logs, and transfer allow lists.
The platform launched with support for Open USD, known as OUSD, a new stablecoin from Open Standard. Over 140 companies have signed on to back OUSD, including Stripe, Mastercard, BlackRock, and Coinbase.
OUSD is designed to share most of the earnings from its reserves with distribution partners. Businesses can mint and redeem the token without fees or volume limits, a model that differs from existing stablecoins.
Visa’s Global Head of Growth, Rubail Birwadker, said the platform is focused on how stablecoins connect with treasury settlement and existing banking setups, not just stablecoin access itself.
How the Platform Works
The VSP connects to Visa’s existing payment network. That means financial institutions can add stablecoin capabilities to their products without replacing current systems.
Visa describes it as a Wallet-as-a-Service setup with blockchain connectivity built in. Institutions can use it for treasury management, settlement, and payment products.
Jack Forestell, Visa’s Chief Product and Strategy Officer, said the challenge for most institutions is not understanding stablecoins — it’s the operational side of running them.
Visa already works with USDC from Circle and USDG from Paxos. The new platform adds OUSD to that mix.
Circle Shares Drop as Competition Grows
Circle, which issues USDC — the second-largest stablecoin by market cap behind Tether’s USDT — has been under pressure since Open Standard was announced last month.
Circle shares fell about 5% on Thursday. Investors are concerned that OUSD’s fee-free model and revenue-sharing structure could pull business away from established issuers like Circle.
OUSD has not fully launched yet and is expected later this year. But the backing from major financial players has already shifted market sentiment.
Stablecoins are designed to hold a fixed value, usually pegged to the US dollar. They are used for payments, cross-border transfers, and settlement because they combine blockchain speed with price stability.
Visa has been expanding in digital assets for some time. It already runs crypto-linked card programs and blockchain-based cross-border payment services.
The stablecoin market is growing quickly, and Visa is positioning itself as the infrastructure layer that financial institutions use to participate in it.
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