Visa has introduced a new platform aimed at making it easier for banks, fintechs and crypto companies to build products using stablecoins, expanding its presence into blockchain-based payments as competition in the sector intensifies.
The company announced Thursday the launch of the Visa Stablecoin Platform (VSP), an enterprise service that allows institutions to issue, store, transfer and trade stablecoins through a single system managed by Visa. The platform launched with support for Open USD (OpenUSD), a stablecoin recently introduced by Open Standard, and includes tools for minting and trading the token as well as wallet infrastructure for managing on-chain assets.
Stablecoins are cryptocurrencies designed to maintain a fixed value, usually by being pegged to the US dollar. Unlike bitcoin or ether (ETH), they are widely used for payments, cross-border transfers and settlements because they combine the speed of blockchain with a relatively stable price.
Visa said the platform provides wallet infrastructure as a service, blockchain connectivity and security features such as dual approval workflows, audit logs and transfer authorization lists. The platform is also integrated with Visa’s existing payments network, allowing financial institutions to integrate stablecoins into treasury management, settlement and payment products without replacing their existing systems.
