Visa is looking for new settlement partners to stabilize the currency operations. CoinDesk refers to the documents before it and states that Visa wishes to introduce an institution with both settlement and off-site skills to fill the position left by the acquisition of BVNK by Mastercard.
Co-operatives need to cover 4-ground plates.
This request for proposals document shows that Visa requires partners to be able to support a variety of stable currency exchange and hold licences for encrypted transactions in the United States, Canada, the United Kingdom and Singapore. It was also mentioned that new partners would be involved in the settlement of the Open USD project.
In the document, Visa states that there are few options for cooperation to cover major markets and meet compliance requirements. It is particularly concerned with an institution with both stable currency settlement and OTC service capabilities.
Open USD includes settlement arrangements
It appears from the document that Visa is not merely looking for a single regional technical supplier, but is hoping that its partners will be able to stabilize currency movements, exchange and transfer in a number of jurisdictions. This means that the threshold for cooperation is more oriented towards card-holders and cross-border enforcement.
The document indicates that this potential partner will also be responsible for the settlement of the newly launched Open USD stabilization currency project. The project, which was co-driven by Stripe, Visa and Mastercard, plans to support a variety of stable currencies.
The paying company continues to add a stable coin.
Last month, Visa Stablecoin Platform was just launched to provide stable currency access, hosting, foreclosure and transfer to banks, financial technology companies and payment service providers. Open USD was listed as the first supporting token.
Despite the overall weakness of the encrypted market, the stabilization track has not cooled. The CoinGecko data show that the total market value of the stable currency is about $30 billion, which has become a priority for large card organizations and payment companies.
At the end of last year, Stripe bought the Stabilized Currency Infrastructure company Bridge for $1.1 billion. The market is generally of the view that the deal has accelerated the pace of Visa and Mastercard in stabilizing the currency infrastructure. Visa did not comment on this matter.