Visa vs Mastercard: The Battle for Stablecoin Infrastructure Heats Up

Visa must now rethink its stablecoin infrastructure strategy. The American payment giant is seeking a new partner capable of facilitating settlement and liquidity operations in stablecoins, following the acquisition of BVNK by its main competitor, Mastercard. The deal, finalized on August 3, 2026, illustrates the intensification of the battle between major payment networks over digital assets.

According to information reported by CoinDesk and included in the submitted file, Visa has reportedly launched a selection process to identify a provider specialized in stablecoin payments and over-the-counter (OTC) operations. The future partner must notably have the necessary licenses to operate in several key markets, including the United States, Canada, the United Kingdom, and Singapore.

The stakes go beyond simply finding a supplier. Visa is looking to secure an infrastructure capable of supporting its ambitions in digital payments, as stablecoins gradually take on a more significant role in international transfers, business settlements, and treasury operations.

The BVNK Acquisition Changes the Game

The departure of BVNK from Visa's setup comes after a major strategic operation. Mastercard finalized the acquisition of this company specialized in stablecoin payment infrastructure on August 3. The transaction amount could reach $1.8 billion, including $300 million tied to performance targets.

Founded in London, BVNK has developed around an infrastructure that allows businesses to move, convert, and settle funds in traditional currencies and digital assets. The company claims to hold over 40 licenses and regulatory approvals across multiple jurisdictions.

For Mastercard, this acquisition aims to bridge blockchain infrastructures with traditional payment networks. The group explains that integrating BVNK will enable it to facilitate value movements between fiat currencies and stablecoins, particularly for cross-border payments, remittances, settlements, and treasury management.

For Visa, however, the operation creates a void in an infrastructure that has become strategic. The company must now identify another player capable of meeting particularly high regulatory and operational requirements.

Exceedingly Demanding Selection Criteria

Visa's search is expected to be particularly complex due to the limited number of potential candidates.

The sought provider must be capable of operating in several major markets and offering services that combine settlement, liquidity, and OTC operations. The ability to work in different regulatory environments is therefore a determining criterion.

This requirement reflects a central difficulty in the stablecoin market: having high-performance technology is no longer sufficient. Institutional players must also demonstrate their compliance, operational robustness, and ability to manage international financial flows.

The profile of BVNK illustrates this evolution. The company claims to have a presence in over 130 countries and an infrastructure that allows businesses to send, receive, convert, and hold stablecoins.

Open USD, a Key Piece in Visa's Strategy

Visa's search comes as the group simultaneously accelerates the development of its own infrastructures dedicated to stablecoins.

On July 16, 2026, Visa announced the launch of the Visa Stablecoin Platform, a platform intended for financial institutions, fintechs, and players specialized in digital assets. It aims to allow these businesses to access various stablecoin-related functions, including custody, transfer, and redemption, from a single environment.

The first asset supported by this platform is Open USD, also referred to by the ticker OUSD.

This choice is not trivial. Open USD was unveiled on June 30 by Open Standard, a consortium bringing together over 140 companies from the payments, finance, technology, and digital assets sectors. Visa, Mastercard, Stripe, Coinbase, and BlackRock are among the project's partners.

Designed as a stablecoin pegged to the US dollar, Open USD aims to facilitate large-scale digital payments. Its model notably allows companies to create and redeem tokens without fees and without artificial volume caps, while a significant portion of the revenue generated by the reserves is set to return to ecosystem participants after management fees are deducted.

A Paradoxical Alliance Among Competitors

The Open USD project also reveals an unusual situation in the payments industry. Visa and Mastercard, historical competitors, are both participating in the same initiative dedicated to stablecoins.

This occasional cooperation does not, however, signify the end of rivalry. On the contrary, both groups are seeking to control a strategic part of the new financial infrastructure.

Mastercard has chosen to strengthen its setup through a major acquisition with BVNK. Visa, on the other hand, favors an approach based on its own platform and partnerships with specialized providers.

This difference in strategy could become crucial as stablecoins gradually move away from their primarily crypto-associated use to integrate into commercial and cross-border payments.

The Race for Infrastructure Accelerates

The current dynamics extend far beyond the duel between Visa and Mastercard. Stripe had already made waves in the sector by acquiring Bridge, a stablecoin infrastructure specialist, for around $1.1 billion at the end of 2024. The sector is thus witnessing the emergence of a genuine race to master the technical layers that enable the issuance, transfer, conversion, and settlement of digital assets.

Open USD is part of this competition. Supported by a vast consortium, the project aims to offer an open infrastructure focused on the needs of businesses. Its launch is expected later in 2026, including a native issuance on the Solana blockchain.

For payment networks, the issue is no longer simply whether stablecoins will be used on a large scale. It now involves determining who will control the infrastructures that enable their circulation.

Visa Faces a Strategic Choice

The search for a new partner thus appears to be an important step in Visa's strategy. The group already has a platform dedicated to stablecoins but must complement this ecosystem with players capable of providing settlement, liquidity, and execution capabilities across multiple jurisdictions.

The challenge will also be to maintain a certain level of flexibility. In a market where stablecoins, blockchains, and regulatory frameworks are evolving rapidly, relying on a single provider can represent a strategic risk.

The acquisition of BVNK by Mastercard primarily shows that the infrastructures behind stablecoins are becoming coveted assets themselves. As digital payments mature, the battle could gradually shift from traditional cards and networks to the technologies that enable real-time value transfer.

For both Visa and Mastercard, the next step is therefore no longer just about supporting the rise of stablecoins. It is about positioning themselves at the heart of the financial infrastructure that could scale them globally.