Visa Unveils Stablecoin Platform for Banks and Fintechs

Visa has introduced a new platform called Visa Stablecoin Platform (VSP) that enables banks, fintech companies, and payment providers to issue, hold, and transfer stablecoins through its payments network.

The platform combines stablecoin minting, redemption, wallet infrastructure, and treasury management into a single system, eliminating the need for financial institutions to build their own blockchain infrastructure.

According to Visa Chief Product and Strategy Officer Jack Forestell, '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.'

The platform currently supports Open USD (OUSD), USDC, and USDG stablecoins, and allows institutions to manage wallets, transfer funds, and integrate those wallets with existing treasury and settlement systems.