Recent claims that Visa is searching for a replacement settlement partner have conflated two separate parts of its payment architecture.
Reports suggested that Mastercard’s $1.8bn acquisition of BVNK in March 2026 had prompted Visa to look for a replacement settlement partner.
According to CoinDesk, a Request for Information (RFI) document shows the payments giant exploring settlement and over-the-counter (OTC) partners with exchange licences in the US, Canada, the UK and Singapore. The potential partners would need to support multiple stablecoins, including the multi-network Open USD project.
However, sources close to the matter tell Payment Expert that the reports confuse two different parts of Visa’s business.
BVNK was not integrated into VisaNet, the company’s core card settlement network, for stablecoin settlement, as its role was focused on providing stablecoin payout and prefunding capabilities for Visa Direct.
The RFI forms part of a wider strategy to expand Visa Direct’s partner ecosystem, an ongoing initiative that already incorporates providers including Zero Hash, according to the source.
Payments giants bring stablecoin infrastructure in-house
The distinction is important as payments companies look to control more of the infrastructure supporting stablecoin transactions.
Mastercard’s acquisition of BVNK in March integrated the fintech’s stablecoin infrastructure with Mastercard’s global network, connecting traditional fiat systems with blockchain-based payment rails.
Founded in 2021, BVNK provides infrastructure for businesses using stablecoins across payments, treasury management and cross-border transactions.
The acquisition came after BVNK was reportedly in advanced talks to be acquired by Coinbase for around $2bn. Those negotiations broke down in late 2025, leaving Mastercard to secure the deal several months later.
Mastercard’s move also followed Stripe’s $1.1bn acquisition of stablecoin infrastructure company Bridge in 2024.
Visa builds stablecoin infrastructure
The payments giant has been building infrastructure to make stablecoins easier for financial institutions and payment providers to integrate into existing operations.
The company launched its Visa Stablecoin Platform last month, using tools that allow clients to mint, redeem, hold and transfer stablecoins through a single environment. The platform initially supports Open USD and provides wallet infrastructure that allows clients to either use Visa’s managed wallets or connect their existing wallets.
The company has also built governance and security features into the platform, including dual-control approvals, audit logging, secure passkeys and allow lists.
Jack Forestell, Chief Product and Strategy Officer at Visa, said the challenge for financial institutions is increasingly moving from understanding stablecoins to integrating them into their operations.
“Stablecoins are opening up a new layer of programmable money, but for most institutions the hard part isn’t the concept, it’s the operational reality,” said Forestell.
The platform develops its existing work in stablecoin settlement and card programmes. The company said it supports more than 160 stablecoin card programmes globally, while payment volume through those products increased by almost 200% year-on-year during its second quarter of 2026.
Visa’s stablecoin settlement volume is also running at an annual rate of around $7bn, with the company’s infrastructure supporting nine blockchains.
