- On Thursday, Visa launched the Visa Stablecoin Platform (VSP), a new platform allowing banks, fintech companies, and crypto companies to use, transfer, and manage stablecoins in one place managed by Visa.
- The new platform comes with a variety of features, including stablecoin-linked cards, convenient cross-border payments through Visa Direct, and more.
- In the first phase, VSP included the newly released stablecoin from the Open Standard, Open USD (OUSD).
On July 16, Visa, the leading payment network, announced the launch of the Visa Stablecoin Platform (VSP), a new platform that allows banks, fintech companies, and crypto coin companies to transfer and manage stablecoins in one Visa-managed space.
Visa Releases New Stablecoin Platform With Open USD Support
According to Visa official websiteThe Visa Stablecoin Platform (VSP) is a platform that allows users to store, access, mine, and manage their stablecoins in a secure environment. The platform has also integrated other existing Visa tools to integrate the power of stablecoins into existing transactions.
“VSP complements Visa’s existing stablecoin offerings, including stablecoin stability, cards compatible with stablecoin, and stablecoin money management. Together, these technologies provide a wide range of solutions that help FIs and fintechs come online and enable crypto platforms to enter Visa’s global network,” he said in an official press release.
There are various features mentioned in the Visa Stablecoin Platform (VSP) in the official announcement.
Users will be able to use Stablecoin-linked cards that allow users to spend stablecoin balances directly at millions of merchants around the world through Visa’s extensive network.
On the Visa Stablecoin Platform, users will be able to move money across borders using Visa Direct across fiat and stablecoin systems.
The platform comes with secure storage and delivery options and strong compliance and security.
In the first phase, the Visa Stablecoin Platform (VSP) has also included the stablecoin Open USD (OUSD), which is a stablecoin established by the Open Standard. Open USD is designed to make stablecoins useful for real payments.
Jack Forestell, Chief Product and Strategy Officer, Visa, said in a press release, “Stablecoins are opening up a new way of stable money, but for many organizations the challenge is not the idea, it’s the reality that works. in stablecoins become real things and real payments.”
Over the past few months, Visa has been expanding its stablecoin purchasing capabilities by supporting more blockchains and assets like USD stablecoins. In the trial run, the payment network has already recorded the highest annual volume.
However, as of now, Visa is only available for beta testing.
Visa and Mastercard Add Support for Stablecoin Payments
Visa and Mastercard have recently announced more information about their efforts to integrate the digital economy. This comes on the heels of the passage of several major programs, such as the GENIUS Act and the CLARITY Act. In doing so, Visa and Mastercard aim to create cross-border payments by reducing fees and repayment times. This integration will enhance cross-border transfers, returns, and stability.
Mastercard is also expanding its stablecoin remittance capabilities, including end-to-end payment partnerships from wallets to merchant channels. In June, Mastercard has been upgraded its support for Open USD (OUSD) along with a large partnership of more than 140 companies, including Visa, Stripe, BlackRock, Coinbase, and others.
In March, Visa and Bridge announced The partnership, which is expected to roll out stablecoin-backed Visa cards in more than 100 countries by the end of 2026.
There have been many collaborative efforts taking place in the past few months, including sharing platforms supported by companies such as Stripe and Coinbase. This large payment network is directly challenging the existing stablecoin leaders, such as USDT and USDC. Using their merchant networks, these payment networks are also expanding the adoption of stablecoins.
In 2025, US President Donald Trump signed the GENIUS Act and turned it into the first federal law for stablecoins. This has encouraged many companies and businesses to integrate stablecoins into their existing financial systems. As a result, the total stablecoin market capitalization has also increased to more than $320 billion this year. However, among the developments in the crypto market, it has seen a decline and currently represents about $310 billion, according to DeFiLlama.
