Visa Launches Platform for Stablecoin Minting, Movement and Management | LeapRate
Visa announced the launch of the Visa Stablecoin Platform (VSP) on Thursday, a new platform it said is designed to help financial institutions, fintechs and crypto natives access stablecoin capabilities through a single Visa-managed environment.
Building on Visa’s broader crypto strategy, VSP is said to give financial institutions, fintechs and other payment providers a way to access, store and redeem stablecoins, beginning with Open USD (OUSD), a new stablecoin recently introduced by Open Standard.
This includes onchain wallet infrastructure through a newly introduced Wallet-as-a-Service offering, alongside connectivity for minting and burning Open USD.
Jack Forestell, Chief Product and Strategy Officer at Visa, commented: “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.” He added that the platform gives clients “a single place to mint, move and manage stablecoin operations with the controls, security and network reach they already expect from Visa.”
Visa explained that VSP provides direct access to a range of stablecoin capabilities alongside Visa’s network, risk and fraud capabilities, including onchain wallet infrastructure for treasury, settlement and product use cases, and integration into Visa’s existing network, tools and settlement processes.
The platform also reportedly includes dual-control approval workflows, comprehensive audit logging, and Wallet-as-a-Service features such as secure passkeys and allow lists.
VSP is interoperable with Visa’s existing stablecoin offerings, including stablecoin settlement, stablecoin-linked cards and stablecoin money movement, providing a full stack of solutions for institutions coming onchain.
The platform, including Wallet-as-a-Service, is initially available for beta testing with select clients, with Visa saying it will use learnings from early use cases to inform broader market availability.
