Visa seeks stablecoin settlement partner after BVNK sale

Visa is running a request for proposals to find a licensed cryptocurrency exchange to provide stablecoin settlement and over-the-counter (OTC) services after Mastercard acquired BVNK. Documents reviewed on Aug. 18, 2026 show the RFP seeks a single counterparty with exchange licenses in the United States, Canada, the United Kingdom and Singapore, and the ability to settle Open USD.

The RFP calls for a partner that can swap and support a range of stablecoins, execute OTC transactions for institutional flows, and provide custody or custody support. Open USD is listed specifically as a settlement requirement; bidders must demonstrate they can clear and settle transactions in Open USD while also handling other stablecoins.

Mastercard completed its acquisition of BVNK on Aug. 3, 2026. BVNK had been serving as Visa’s settlement and OTC provider. With BVNK now owned by a competing card network, Visa is seeking an independent, exchange-licensed firm to fill the role that BVNK previously occupied. The documents do not include a shortlist, timeline or contract value.

The RFP is separate from other stablecoin work Visa has announced. In July, Visa launched a managed Stablecoin Platform for banks and fintechs to mint, move and manage stablecoins, listing Open USD as an initial supported token. On Aug. 5, Visa expanded Visa Direct to add stablecoin prefunding and payouts through an infrastructure provider; that arrangement covers Visa Direct rails and is not identified in the RFP as the replacement for BVNK.

Visa declined to comment on the RFP. Until a partner is named, the confirmed details in the documents are the vacancy created by BVNK’s acquisition, the four-jurisdiction licensing requirement and the inclusion of Open USD settlement in the specification.