Visa has launched its Visa Stablecoin Platform (VSP), designed to help financial institutions and crypto companies manage stablecoins through one platform. The platform, currently in beta with select clients, supports minting, transfers, storage, and redemption of Open USD.
VSP is a managed system that connects stablecoin activity to Visa's payment and settlement tools. It includes wallet infrastructure through a Wallet-as-a-Service product, allowing clients to handle minting, burning, holding, and transfers without building every part of the infrastructure on their own.
Visa-managed wallets can be used in conjunction with existing systems or connected to the wallets that financial firms already operate. The platform also includes dual-control approval for sensitive actions and records activity through audit logs.